On Tuesday, February 28th, the BC government proposed a new renter’s rebate in the release of its Budget for 2023. The tax credit is part of a larger investment in improving the lives of British Columbians, from investing $1 billion in new funding to expand mental health and addiction services, to expanding K-12 school food programs.
Annual rebate amount
To help with rising costs, a new income-tested renter’s tax credit will be introduced starting in 2024. The annual rebate will give low and moderate-income renters (adjusted income of $60,000 or less) up to $400.
Those with an adjusted income between $60,000 and $80,000 may receive a reduced amount, according to the BC government.
“We expect this will benefit more than 80% of renters across BC,” said Finance Minister Katrine Conroy in the delivery of Budget 2023.
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For the 2023 and subsequent tax years, residents of BC must meet the following:
- Rent in BC for at least six months of the calendar year under a tenancy agreement, licence, or sublease agreement
- Have an income of less than $80,000
- Paid rent for the rental unit
- Are at least 19 years old as of December 31st of the tax year OR are a parent, OR are cohabiting with a spouse or common-law partner
To receive the credit, those eligible must file their 2023 tax return with the CRA starting in early 2024.
“Alongside putting money back in people’s pockets, a total of $4.5 billion in this year’s budget will help with the rising cost of essentials,” said Minister Conroy. This includes freezing basic car insurance rates for another two years, a $100 power bill credit, and all prescription birth control and contraception becoming free to access starting April.
As well, BC households can look forward to receiving the next instalment of the BC Affordability Credit this April. According to Budget 2023, adults will receive up to $164 more and children up to $41.
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