Great news, BC. Many British Columbians will receive the third instalment of the BC Affordability Credit this April, and no application is necessary!
The news comes on the heels of the third BC Family Benefit payment being deposited on Monday, March 20th, which marks the final enhanced payment for the period of January to March 2023.
Announced back in November, 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 four times a year in January, April, July, and October.
Individuals receiving the Affordability Credit will get an average of $164 through each credit, $41 per child, or approximately $410 for a two-parent family with two children.
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“Too many people are struggling with rising prices right now driven by global inflation. By providing this targeted affordability credit, lower- and middle-income British Columbians will have a bit more money to help them make it to the end of the month,” said Premier David Eby. “From car insurance to hydro rates to child care costs, we’ll take every opportunity available to us to reduce the costs of daily life for British Columbians.”
The April instalment will be deposited along with the BC Climate Action Tax Credit payment through the CRA as early as April 5th.
Note that it may take up to 10 days for the BC Affordability Credit to be deposited.
Eligible families can also receive support through three enhanced BC Family Benefit payments in January, February, and March, which are providing an additional $58 per child each month.