Many B.C. families will see more money in their bank accounts starting today thanks to the enhanced BC Family Benefit.
Photo by Hannah Scott
Cost-of-living help on the way for B.C. families
Published 3:26 PST, Fri January 20, 2023
Many B.C. families will see more money in their bank accounts starting today (Jan. 20), with the first of three enhanced BC Family Benefit payments.
The enhanced BC Family Benefit will provide families with children under 18, and those who have moderate or low incomes, with more money in the first three months of 2023. The credit will provide as much as an additional $350 from January to March for a family with two children.
“With the rising cost of living due to global inflation and the day-to-day expenses that come with raising children, we know times are stressful,” said Katrine Conroy, Minister of Finance. “We're here to help the parents who need it most with a little extra money to hopefully help take a bit of pressure off the family budget.”
About 75 per cent of B.C. families will receive the enhanced BC Family Benefit credit and about 84 per cent of those families will receive at least an additional $50 per month, per child. Eligibility is based on income and number of children. It is automatically determined when someone registers for the Canada Child Benefit, usually through their income tax return. Most families will receive the benefit as a direct deposit from the Canada Revenue Agency, alongside the federal Canada Child Benefit program.
“Looking ahead, we'll continue to focus on driving down costs for people wherever possible,”Conroy said. “No matter what is on the horizon, we're here for people and families to help them through these times.”
Since fall 2022, the province has provided about $2 billion in supports to help people with increased costs through the BC Affordability Credit, BC Family Benefit, support for back-to-school expenses, a one-time BC Hydro rebate, and a cap to keep rent increases below the rate of inflation.
The BC Family Benefit may take as long as 10 days to be deposited by the Canada Revenue Agency alongside the Canada Child Benefit. The BC Family Benefit was formerly known as the Child Opportunity Benefit.
To learn about the enhanced BC Family Benefit, visit gov.bc.ca/gov/content/family-social-supports/affordability/family-benefit#:~:text=For%20the%20July%202022%20to,month%20for%20each%20addition.
For information about other ways to apply for the Canada Child Benefit, visit canada.ca/en/revenue-agency/services/child-family-benefits/canada-child-benefit-overview/canada-child-benefit-apply.html.