Happy new year, B.C.: Here are some credits you might get early in 2025

The B.C. government is putting some money back in many people's pockets early in the new year to help with the soaring cost of living

Published Jan 01, 2025  •  Last updated 0 minutes ago  •  2 minute read

B.C. Minister of Finance Brenda Bailey. Photo by Jason Payne /PNG

The new year will come with another round of distressing cost-of-living increases for many British Columbians. (Watch for our story on what will be going up in 2025, which will be online on New Year’s Day.)

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But a few programs from the B.C. government could put a few more bucks back in your pocket, as long as it isn’t already full because you make lots of money.

First up is the quarterly climate action tax credit, a payment of up to $440 per person, $680 for single-parent families and $613 for multi-parent families. The Ministry of Finance estimates about 65 per cent of families and individuals in B.C. will be eligible for some or all of that credit.

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It will be paid by direct deposit to those who are eligible on or around Friday, Jan. 3.

Later in January, over 340,000 families with low to middle incomes will receive a B.C. family benefit payment, which now includes a temporary cost-of-living boost. That 25 per cent increase translates to an average of $445 a year for families.

A family of four can get up to $3,563 a year; a single parent with one child can receive as much as $2,688. The family benefit is automatically deposited into bank accounts around the 20th of each month. How much you receive depends how far your family is below the maximum income threshold, which is about $115,000 per family.

“I know the high cost of living can cause pressure for so many people during the holiday season,” said B.C. Finance Minister Brenda Bailey in a statement. “While high prices persist across the country and around the world, we are working hard to help offset costs for people in B.C. with tax credits that put more money into people’s pockets when they need it most.”

The B.C. government also says it is working to help with high costs with regular minimum-wage increases, dropping car insurance premiums for most, subsidies for child care, free prescription birth control and free transit for kids.

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B.C. also caps rent increases at the rate of inflation and has introduced a new tax credit to renters that returns up to $400 a year to about 75 per cent of those who don’t own a home.

Note that most benefits are only available to those who have filed an income tax return, and the payments are delivered on behalf of the B.C. government by the Canada Revenue Agency. To avoid potential mail delays, the ministry recommends signing up to the CRA for automatic deposits.

The provincial government does not contact people about tax credits, rebates or benefits by text message. If you receive a text, it might be fraud. If you’re unsure, email [email protected].

To find out what provincial benefits are available, go to the B.C. benefits connector online. It is available in five languages, while those who need help in other languages can call Service B.C. at 1-800-663-7867.

[email protected]

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