INCREASED BC Family Benefit payments arriving in bank accounts this summer will help families with rising expenses due to inflation.
“With global inflation and high interest rates driving up daily costs, we know families are being hit hard right now,” said Premier David Eby on Monday. “We’re increasing support to low- and middle-income British Columbians through an expanded BC Family Benefit. Getting a little extra money to families for the basics is one of the ways we’re helping people who are feeling squeezed right now.”
Families will receive on average $445 more than last year with a one-year bonus added to BC Family Benefit payments.
About 340,000 families with children, which is 66,000 more than last year, will receive the benefit through monthly deposits in their bank accounts or mailed cheques starting in mid-July. The 25% increase through the bonus means a family of four could potentially receive as much as $3,563 annually, while a single parent with one child could receive as much as $2,688.
The BC Family Benefit is a payment from the Government of B.C. delivered to people by direct deposit or cheque as a payment from the Canada Revenue Agency and arrives as a combined payment with the federal Canada Child Benefit.
“We know people are feeling the effects of high prices and stretched budgets,” said Katrine Conroy, Minister of Finance. “That’s why we’re increasing this year’s BC Family Benefit payments to help lighten the burden. I encourage people to file their taxes to ensure they’re receiving the supports they’re eligible for.”
The Province is also making it faster and easier for people to access benefits and to connect to services to help save money with the launch of BC Benefits Connector. Find out more at this one-stop online resource with clear steps on what people need to do to access government benefits and programs: https://gov.bc.ca/
The Province will not contact people by text message. A text message about a tax credit may be fraudulent. If unsure, contact: ITBTaxQuestions@gov.bc.ca
Quick Facts:
* 70% of families in British Columbia will receive the benefit in 2024.
* People who receive the BC Family Benefit also get money back through the Climate Action Tax Credit.
* The BC Family Benefit is issued alongside the Canada Child Benefit payment on or around the 20th of every month.
Learn More:
To learn more about the BC Family Benefit, visit: https://www2.gov.bc.ca/gov/
To learn more about the new site to help people access benefits and ease the pressures of daily costs, visit: https://www2.gov.bc.ca/gov/
BACKGROUNDER
What to know about the BC Family Benefit bonus
The BC Family Benefit provides a tax-free monthly payment to eligible families with children under 18. Announced as part of Budget 2024, the BC Family Benefit bonus provides families with a boost on average of $445 over a 12-month period.
Eligibility is based on income and number of children. People can expect to see their family benefit and the bonus cost-of-living payment as a deposit or cheque through the Canada Revenue Agency, alongside the federal Canada Child Benefit program.
Eligibility is automatically determined when registering for the Canada Child Benefit.
Amounts received:
* On average, families will receive approximately $2,000 over a year. A two-parent family with two kids will on average receive $1,760. Single-parent families typically qualify for higher payments and will receive on average $2,790.
The new payment amounts for 2024-25 are as follows:
* Families with net income below (as determined on your 2023 tax return) $35,902:
– $2,188 for a family’s first child (up from $1,750);
– $1,375 for a family’s second child (up from $1,100); and
– $1,125 for each additional child (up from $900).
* Families with net income below $114,887 will be guaranteed the following minimum amounts:
– $969 for a family’s first child (up from $775);
– $937 for a family’s second child (up from $750); and
– $906 for each additional child (up from $725).
* Families who make less than $139,000 with one child and families who make less than $162,000 with two children will receive a partial benefit.
