Great news, BC. The provincial Affordability Credit that was announced back in November will soon make an appearance in many British Columbians’ bank accounts this month. And the best part? No application is necessary.
The BC Affordability Credit was proposed as a one-time payment based on net income and family size to help offset household expenses this winter.
According to a recent news release, 85% of British Columbians will automatically receive a full or partial credit through the CRA.
View this post on Instagram
For example, an individual with an income of up to $36,901 will receive the maximum credit amount, with the credit capped at an income of $79,376. Likewise, a family of four with a household income of $43,051 will receive the maximum amount, with the credit phasing out at $150,051.
The credit will provide as much as $164 per adult and $41 per child, which will total $410 for a family with two children.
“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.”
Note that payments are issued four times a year in January, April, July, and October.
Additionally, 75% of families in BC can expect to see the first of three enhanced BC Family payments on Friday, January 20th. The January, February and March payments will include as much as an additional $58.33 per child, for each month.