The majority of BC families will see a little extra money in their bank accounts to begin 2025.
To kick off the new year will be the quarterly climate action tax credit with payments expected to arrive in bank accounts on or around Friday, Jan. 3, 2025.
Roughly 65% of families and individuals in B.C. receive money through this credit. The average annual credit is an estimated $440 for individuals with no dependent children, $680 for single-parent families and $613 for multi-parent families.
Later in January, over 340,000 families with lower or middle incomes will receive their BC Family Benefit payment, now with a temporary cost-of-living bonus.
The 25% spike means an average of $445 more a year for families. A family of four can receive as much as $3,563 a year, while a single parent with one child can receive as much as $2,688 per year. The family benefit is deposited in bank accounts around the 20th of each month.
“I know the high cost of living can cause pressure for so many people during the holiday season,” said Brenda Bailey, Minister of Finance. “While high prices persist across the country and around the world, we are working hard to help offset costs for people in B.C. with tax credits that put more money into people’s pockets when they need it most.”
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