Climate action tax credit increasing
Nearly 50% of B.C. families will receive more for their climate action tax credit this week.
On Friday, July 5, eligible families will see the first of four instalments of the newly expanded credit.
Families of four will receive up to $400 over the next year, and up to $500 starting in July 2021 when the credit will be nearly 70% higher than it was in 2017.
The climate action tax credit offsets B.C.’s carbon tax and helps low- and middle-income families as the province transitions to a cleaner, greener economy, a July 2 Ministry of Finance media release noted.
This is the second increase to the climate action tax credit since it was last expanded in September 2017.
Effective July 2019, the maximum annual climate action tax credit will be increased to $154.50 per adult and to $45.50 per child.
Effective July 2020, the maximum annual climate action tax credit will be increased to $174 per adult and to $51 per child.
Effective July 2021, the maximum annual climate action tax credit will be increased to $193.50 per adult and to $56.50 per child.
Single-parent families will continue to receive the adult amount for the first child in the family.