BC will be getting new cost-of-living credits & here’s what to know

BC will be getting new cost-of-living credits! As announced by Premier David Eby last week, families and small businesses will receive a BC Hydro rebate and a new BC Affordability Credit this winter.

“People and small businesses across B.C. are feeling the squeeze of global inflation,” said Premier David Eby in a press release.

“It’s a time when people need their government to continue to be there for them. That’s why we’re focused on helping people most impacted by the rising costs we’re seeing around the world – giving people a bit of extra credit, especially at a time of year when expenses can be quick to add up.”

BC Hydro bill credit

A one-time BC Hydro credit of $100 will be automatically transferred through the CRA to all eligible residential and commercial customers, including those who use FortisBC. Those who use BC Hydro can expect to see the funds deposited in early December, while FortisBC customers and other municipal utilities are likely to see their bill credits early into the new year.

According to the news release, this $100 payment equates to around one month of electricity for a family living in a detached home, or two or more months of electricity for a family living in an apartment.

As for small and medium businesses like restaurants and tourism operators, they’ll receive a one-time bill credit of around $500. The exact amount will be determined by looking at last year’s electricity consumption.

BC Affordability Credit

Now, for the second cost-of-living credit. This one will be credited in January 2023, and will also be transferred automatically through the CRA – the same way that the Climate Action Tax Credit was received in October.

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.

This amounts to as much as a $410 credit for a family of four to help offset household expenses.

“Look for B.C.’s new Affordability Credit in your bank account in January 2023,” said Premier Eby. “We know it won’t cover all the bills, but we hope the little bit extra helps folks out this winter.”