Maximum B.C. climate tax benefit set to more than double: budget

B.C.'s Climate Action Tax Credit is set to more than double as the province works to offset increasing carbon taxes for individuals and families in the province.

On Tuesday, B.C. Finance minister Katrine Conroy delivered the NDP government's budget for the year ahead, including, among other things,free contraceptionandrenter tax rebates.

As of April 2023, the maximum Climate Action Tax Credit British Columbian adultscan claim will increase from $193.50 to $447 per year. A four-person family will be able to claim up to $900 per year, up from $500.

The B.C. climate action tax credit is a quarterly payment from the province to residents to help offsetcarbon taxes paid by individuals and families.

In a news release, the province says payments will be higher for people with lower incomes. It says the income ceiling for the tax credit will increase annually.

Also, beginning April 1, the carbon tax will increase by $15 per tonne annually, until it hits $170 in 2030. The majority of people are expected to receive more through the tax creditthan they pay in carbon tax by 2030.

The carbon tax applies to the purchase and use of fossil fuels.

Individuals and families do not need to apply for the Climate Action Tax Credit it is determined and automatically calculated when you file your taxes.

Only one person can receive the credit on behalf of afamily.