The first payment of the B.C. climate action tax credit was made available on January 5, 2024; the next payment is not expected until April 5, 2024. The amount is comparable to the Canada Carbon Rebate, a new climate action incentive payment (CAIP) name. On July 1, 2024, British Columbia will get an additional fee. The harmonized sales tax (GST/HST) credit is integrated with the BCCATC payment.
BCCATC Payment Dates 2024:
This significant tax credit is computed using the T1 income tax and benefits return from the prior year and is accessible to residents of British Columbia. The 2024 Federal Goods and Services Tax/Harmonized Sales Tax (GST/HST) Credit is also included in the BCCATC Payment. All individuals and families that pay the Canada Carbon Tax should take note of this.
Families with low to moderate incomes will also benefit from this BCCATC Payment in 2024 by helping to defray costs. The BC government will increase the Climate Action Tax Credit annually, as stated in the 2024 budget, and residents of BC will get full or partial credit from the government by 2030.
Only residents of BC are eligible for quarterly BCCATC Payments, which are intended to offset the annual carbon tax that residents must pay. However, suppose a person comes from a low- or moderate-income family. In that case, the CRA administers this tax credit and enables them to get some stimulus money that might lessen their financial burden. The BCCATC Amount, like other tax credits in the province, may be raised as of July 1, 2024, contingent upon the government’s new budget and the median household income.
Your AGI will determine if you are receiving extra payments if you are the only family member. You must now read the following parts to investigate this subject and comprehend the payments given to people or families.
About BCCATC:
Households in British Columbia that pay an annual carbon tax are eligible for the British Columbia Climate Action Tax Credit, or BCCATC. Due to this payment, families in BC who are subject to these kinds of taxes will have less financial hardship. Additionally, it is a stimulus program managed by the British Columbian government to improve the economic circumstances of low-income individuals and families.
British Columbians who wish to apply for this government-provided financial aid should use the BCCATC Application Form 2024, now accessible on the official website. Your name will be considered for this BCCATC Payment 2024 by the standards established for province residents, individuals, and families. According to the official update, British Columbia CATC Payments will be issued on T1 income tax and benefit returns in 2024. This sum is yours if you pay taxes in British Columbia. For eligibility, see the following section.
Eligibility:
Although citizens of British Columbia must fulfill specific conditions to receive this money in their bank account, there are no such restrictions. Suppose you are a permanent resident of British Columbia and pay the carbon tax annually. In that case, the government will additionally give you this amount if you are 19 or older. If you live in a family, the net income of the average family member cannot be more than the federal amount determined by the CRA.
This sum is only payable to British Columbian permanent residents on their T1 income tax and benefits return. This implies that you will be responsible for paying all taxes this province imposes on schedule. Your ability to receive BCCATC Payments in April 2024 will depend on your income tax situation. You must now check the information on the official portal and wait for the official update. This payout will help more than two lakh households in British Columbia. Only one family member may submit a claim for this payment on the other’s behalf.
BCCATC Payment 2024 Benefit Amount:
Your family composition and adjusted family net income will determine how much of the B.C. climate action tax credit you are eligible for.
The maximum credit that you, your spouse or common-law partner, and each kid in your family are individually eligible for is considered when calculating the annual B.C. climate action tax credit. Next, 2% of the quantity of your adjusted family net income exceeds the designated level and is subtracted from this total amount.
The credit is disbursed quarterly for your convenience; the quarterly benefit amount equals one-fourth of your yearly B.C. climate action tax credit.
Income threshold levels for the July 2023 to June 2024 benefit year
| Particular | Income Threshold Amount | Reduced Credit if AFNI is between | Credit Reduced to Zero if AFNI as Following |
| Single | $39115 | $39115 and $61465 | $61465 and above |
| Single Parent with One Child | $50170 | $50170 and $83695 | $83695 and Above |
| Single Parent With two Children | $50170 | $50170 and $89270 | $89270 and Above |
| Single Parent with Three Children | $50170 | $50170 and $94845 | $94845 and Above |
| Married or Common Law with no Children | $50170 | $50170 and $83695 | $83695 and Above |
| Married or Common Law Partner with One Child | $50170 | $50170 and $89270 | $89270 and Above |
| Married or Common Law with Two Children | $50170 | $50170 and 94845 | $94845 and Above |
| Married or Common Law with Three Children | $50170 | $50170 and $100420 | $100420 and Above |
BCCATC Payment Dates 2024:
Millions of families and individuals in British Columbia anticipate the BC Climate Action Tax Credit Payment in 2024. The government will distribute this cash to all qualified citizens every quarter. You can get the stimulus money in your bank account if you have applied for this payment and paid the carbon tax in British Columbia. For the most recent information, visit the official website. The amount will vary for each beneficiary, so check for any questions.
The GST/HST Credit and the BCCATC Payment are combined and sent to the qualified recipient as a single payment. According to the BCCATC Payment Schedule 2024, it will be accessible in the following months: July, October, January, and April. On the other hand, payment will not be made until around ten days following the release date. You may finally stop worrying about your payment not showing up on time. Visit the official website to find out your payment status as well. Please use the comment form below to let me know if you want any information. You may also bookmark this page for pertinent updates.
What is the Annual Benefit Amount?
A family of four can get up to $893.50 annually, while an individual can receive up to $447. That is $250 and $390 more than in prior years.
For the current benefit year of the climate action tax credit, payments are made as follows: the Information 2023 T1 Income Tax and Benefit Return forms the basis.
- October 4, 2024; January 5, 2024; April 5, 2024; July 5, 2024
The maximum amount that may be obtained by adding up these four payments is as follows:
- $447 for the principal beneficiary.
- $223.50 for the first kid if you’re a single parent, spouse, or common-law partner.
- An extra $111.50 for every kid, excluding the first child in the case of a single parent.
These payment amounts are dependent upon your income exceeding the following thresholds:
- People are qualified if their annual income is less than $39,115.
- These benefits are available to families whose combined income does not exceed $50,170.
Future Changes:
The 2024 Budget raised the B.C. The amounts of the climate action tax credit and the thresholds will go into effect on July 1, 2024.
The maximum yearly amounts for the payments made in July 2024, October 2024, January 2025, and April 2025 will rise to:
- $504 to you
- $252 for your partner or spouse (or for the first kid in the case of a single-parent household)
- $126 for each kid (excluding the first child in a single-parent home)
The upper limit quantities will rise to:
- $41,071 for people
- $57,288 for households