Thursday January 5, 2023 | VICTORIA, BC
by Mary P Brooke | Island Social Trends
Many people in BC will have more money in their bank accounts as a result of the BC Affordability Credit, it was announced by the BC Finance Ministry this morning.
“The winter season often brings extra expenses for people and, with the rising costs we’re seeing around the world, it can add stress to already stretched household budgets,” said Katrine Conroy, Minister of Finance.
“We know it won’t cover all the bills, but hopefully this little extra from the BC Affordability Credit will help take a bit of the pressure off as we head into a new year,” said Conroy in the news release.
Automatic deposit:
Eighty-five per cent of British Columbians will automatically receive a full or partial BC Affordability Credit through the Canada Revenue Agency (CRA).
The credit will provide as much as an additional $164 per adult and $41 per child, which will be as much as $410 for a family with two children.
About 50% of today’s recipients will have received the maximum payment, says the Ministry of Finance.
Also BC Family Benefit:
More help is on the way for BC families this month through the first of three enhanced BC Family Benefit payments on Jan. 20, 2023. The January, February and March payments will include as much as an additional $58.33 per child, for each month. A family with two children will receive as much as $350 from this top-up.
The BC Family Benefit (full or partial) will be received by 75% of BC families, and approximately 84% of those families will receive at least $50 per month, per child.
The BC Family Benefit was formally known as the Child Opportunity Benefit.
In a strong position to continue:
“We’re focused on helping the people and families who need it most right now, and we are in a strong position to continue this support,” Conroy said.
“No matter what is on the horizon, we’ll continue to be here for British Columbians,” said Conroy. That despite a few references by Premier Eby and a few Cabinet Ministers in recent weeks that about 100,000 people in-migrated to BC last year, and already the tally for 2022-2023 is at 80,000.
The BC Affordability Credit and BC Family Benefit upgrade, as well as the BC Hydro credit, are cost-of-living measures announced in Fall 2022.
The package that rolled out today “will put close to $2 billion back in British Columbians’ pockets to help them get by during this difficult time as costs rise due to global inflation”, it was stated by government today.
One of Eby’s first rollouts:
Back on November 18, 2022 when now Premier David Eby was sworn-in as BC’s 37th Premier, his speech included the announcement of two cost-of-living credits: the BC Affordability Credit (which rolled out today) and a BC Hydro credit (which will be applied to all electricity customers on their bills in this month, if not already done in December 2022).
===== BC Government Links:
New and existing supports for people
About the increased BC Family Benefit
===== RELATED (Articles by Island Social Trends)
Premier David Eby’s statement at Christmas 2022 (Dec 24, 2022)
Premier David Eby announces his new Cabinet (Dec 7, 2022)
Cost of living efforts: BC Hydro bill credit & BC Affordability Credit (Nov 18, 2022)
David Eby sworn in as 37th premier (Nov 18, 2022)
===== ABOUT ISLAND SOCIAL TRENDS:
Island Social Trends is a professional news portal at islandsocialtrends.ca . Fully online since mid-2020, Island Social Trends emerged from the extensive groundwork of previous print publications in the west shore: MapleLine Magazine (2008-2010), Sooke Voice News (2011-2013), and West Shore Voice News (2014-2020).
Since 2008, journalist and editor Mary P Brooke has taken a socioeconomic lens to the news of the west shore and south Vancouver Island region, including BC provincial news, and national news impacts.
ARCHIVES: ECONOMY | COLWOOD | SOOKE | LANGFORD | VANCOUVER ISLAND
HANDY REFERENCE: Traffic Advisories | Events Calendar