More money will be arriving into the bank accounts of BC families very soon.
It’s due to increased BC Family Benefit payments this summer, which will help families with rising expenses due to inflation.
“With global inflation and high interest rates driving up daily costs, we know families are being hit hard right now,” said Premier David Eby. We’re increasing support to low- and middle-income British Columbians through an expanded BC Family Benefit. Getting a little extra money to families for the basics is one of the ways we’re helping people who are feeling squeezed right now.”
The province says families will receive on average $445 more than last year with a one-year bonus added to benefit payments.
About 340,000 families with children, which is 66,000 more than last year, will receive the benefit through monthly deposits in their bank accounts or mailed cheques starting in mid-July.
The 25% increase through the bonus means a family of four could potentially receive as much as $3,563 annually, while a single parent with one child could receive as much as $2,688.
The BC Family Benefit is a payment from the Government of B.C. delivered to people by direct deposit or cheque as a payment from the Canada Revenue Agency and arrives as a combined payment with the federal Canada Child Benefit.
70% of families in British Columbia will receive the benefit in 2024.
The new payment amounts for 2024-25 are as follows:
* Families with net income below (as determined on your 2023 tax return) $35,902:
* $2,188 for a family’s first child (up from $1,750);
* $1,375 for a family’s second child (up from $1,100); and
* $1,125 for each additional child (up from $900).
* Families with net income below $114,887 will be guaranteed the following minimum amounts:
* $969 for a family’s first child (up from $775);
* $937 for a family’s second child (up from $750); and
* $906 for each additional child (up from $725).
(From files of Brendan Pawliw staff)
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