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Families across the province are going to get additional financial relief through the BC Family Benefit Bonus, arriving in bank accounts starting in July.
Global inflation and high-interest rates have made everything from housing to groceries more costly.
Getting a little extra money can help ease the pressure, whether it’s helping people cover the cost of groceries or new clothes for a growing child.
The BC Family Benefit Bonus ensures that more families will receive more financial support to help cover everyday expenses.
This new support will benefit 340,000 low- to middle-income family households throughout the province.
An estimated 66,000 families that have not previously received the BC Family Benefit will automatically receive the provincial bonus this year when they file income taxes.
Announced in Budget 2024, the bonus is a boost of up to $445 over the 12-month period.
With a 25 percent rise in monthly payments, a family of four could now potentially receive up to $3,563 annually, while a single parent with one child could be eligible for up to $2,688 per year.
Every year, the B.C. government sets the BC Family Benefit amounts that people are eligible to receive.
Payments are delivered to families by agreement with the Canada Revenue Agency.
People in B.C. get bank deposits or cheques as a combined payment with the federal Canada Child Benefit. Eligibility is based on income and number of children and is automatically determined when someone registers for the Canada Child Benefit.
The Province is continuing to take action to help people with the cost of living.
Other recent measures include a fourth ICBC rebate, the BC Electricity Affordability Credit, making prescription birth control free, making transit for kids free, and delivering a renter’s tax credit to more than 80 percent of people who rent.
The BC Family Benefit payment is issued around the 20th day of each month.
In total, 70 percent of families in British Columbia will receive the benefit this year.
If your child is registered for the Canada Child Benefit, they’re automatically registered for the BC Family Benefit.
People who receive the BC Family Benefit also see money back through the Climate Action Tax Credit.