Good news if you’re a renter or homeowner in BC as property value and income thresholds for the homeowner grant and renter’s tax credit are increasing.
BC’s Ministry of Housing has just revealed that thanks to adjustments being made, many more people will be eligible for both credits this year.
Hundreds of dollars are up for grabs for both renters and homeowners.
The renter’s tax credit
Some might think of the renter’s tax credit as the BC renter’s rebate, which the BC government promised. It was first rolled out to residents last year.
For the 2024 tax year, folks making $63,000 and less or $83,000 and less will be eligible for full and partial credits, respectively. The income thresholds have increased by $3,000 compared to last year.
Those making $63,000 or less will be eligible for a full $400 credit off your taxes. Those making $83,000 or less will receive a partial credit based on their income.
Depending on how you file, you’ll need to make a mental note of this when filling out your income tax return this year.
BC homeowner’s grant
Some homeowners will be eligible for a grant to get a bit of a break from their property taxes, up to $1,045.
“People with properties with an assessed value of as much as $2,175,000 can get $570 off their property tax bills if they live in certain regional districts or $770 for the rest of the province,” says the ministry.
“Veterans, seniors, and people with a disability could qualify for an additional grant and receive $1,045.”
For homeowners, the property value threshold has increased by $25,000.
“People with properties with an assessed value of as much as $2,175,000 can get $570 off their property tax bills if they live in certain regional districts or $770 for the rest of the province.”
The BC Ministry of Housing adds that there’s one more support some may be eligible for.
“Another support that homeowners can consider if they need more time to pay property taxes is applying to defer their property tax for the year. Families with dependent children, people over 55 and people with disabilities may be eligible. People can continue to defer as long as they qualify.”