Low and moderate-income families and individuals in British Columbia are beginning to receive their climate action tax credits in their bank accounts. The Ministry of Finance reports that around two million families and individuals will benefit from these credits in the fiscal year 2024-25.
Ministry of Finance Announces Payments for 2024-25
The automatic payments, which started being distributed on Friday, will continue to appear in accounts over the next week. Finance Minister Katrine Conroy highlighted that these payments are larger than before, with over 100 percent of the revenue generated from the recent carbon tax increase being allocated to these credits. This spring, B.C.’s carbon tax rose from $65 per tonne to $80 per tonne.
Eligibility and Payment Details
Eligibility for the quarterly credits is determined by household income and composition. A family of four with a net income below $107,688 can expect to receive a full or partial credit. Similarly, individuals with a net income below $66,271 are eligible for a full or partial credit.
The credit amounts have also increased starting this month. Families that received $890 in the 2023-24 fiscal year will now receive $1,005, while individuals who got $447 last year will now receive $504.
Reaching the Majority
The Ministry estimates that about two million families and individuals, accounting for 65 percent of the population, will receive at least some portion of the tax credit in 2024-25. The goal is to expand this to 80 percent of individuals and families by 2030.
Addressing Climate Change
Minister Conroy emphasized the importance of these payments amid climate challenges such as low snowpacks, severe droughts, and record wildfire seasons. “As we put a price on pollution and work to protect communities from climate change, we are making sure it’s fair and we are providing support to middle- and low-income families,” she stated.
George Heyman, Minister of Environment and Climate Change Strategy, added that revenue from the carbon tax will be used to help communities prepare for recurring climate events like wildfires, flooding, and extreme heat. An annual report detailing the allocation of these funds is available at gov.bc.ca.
Payment Distribution
Though the credit is a payment from the B.C. government, it is distributed similarly to the GST/HST credit through the Canada Revenue Agency. The quarterly credits are typically deposited around the fifth day of the month but may take up to 10 days to appear. These payments will be listed as coming from the Government of Canada despite originating from provincial funds.
Fraud Prevention and Additional Information
The Finance Ministry does not send text messages to credit recipients, so any such texts could be fraudulent. If in doubt, contact [email protected].
For more information on benefits you might be eligible for, visit gov.bc.ca/BCBenefitsConnector.
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