The provincial budget will mean billions of dollars in new spending for health care, housing, public safety and other government-provided services, but it’s also coming with credits and rebates that’ll leave more money in the bank accounts of British Columbians.
A key priority of policymakers is addressing soaring inflation, with $3 billion aimed at low-to-moderate-income individuals and families.
Starting next year, the long-promised renters’ rebate will be available, with an estimated 80 per cent of renters qualifying for the $400-a-year credit. Households making less than $60,000 a year can claim the full amount, while those making up to $80,000 can claim a partial rebate in the fulfillment of a promise made by the NDP government six years ago.
Monthly payments under the BC Family Benefit will be going up by 10 per cent, with single parents receiving up to an additional $500.
The BC Climate Action Tax Credit is more than doubling for low-to-moderate-income households who qualify: A two-parent family that received $500 last year could receive nearly $900 this year, while a single person who received $193.50 last year could receive $447 this year.
The province is also permanently raising the income ceiling for the tax credit and claims, saying: “for British Columbians with the lowest incomes, the Climate Action Tax Credit can more than offset their personal cost of the carbon tax.”
These measures are in addition to temporary cost-of-living relief the province announced previously, including ICBC rebates, BC Hydro credits, and caps on rent increases; economists have cautioned governments that too much wide-reaching support can continue to fuel inflation.
BOOST TO DISABILITY ASSISTANCE RATES
Those collecting disability assistance will see a small increase to their monthly cheques. The “shelter rate,” which has held steady at $375 per year since 2007 will increase by $125 per month starting in July.
This will raise the monthly assistance level to approximately $1,400, far short of what advocates had been calling for, particularly following a year of rapid inflation.
The province points out that the shelter rate increase and other supports total $558 million over the three-year plan, and those who rent can also qualify for the renter’s rebate. Those on income or disability assistance can now make an extra $100 per month without having their support payments reduced.
ADDITIONS AND EXPANSIONS TO FREE SERVICES
On April 1, the province will offer free prescription contraception, making it the first jurisdiction in Canada to do so. Birth control pills, contraceptive injections, intrauterine devices, subdermal implants and the morning after pill are all included, with estimated savings of $25 per month, per user.
The province is also working with the College of Pharmacists of BC to expand pharmacists’ ability to prescribe contraception in the coming months.
School lunch programs will also be expanding to “help school-age children reliably access nutritious food.”
Care providers’ rates will increase by as much as 47 per cent for foster families and caregivers at a province-wide cost of $264 million.
STUDENT LOAN CHANGES
Students pursuing post-secondary education will be able to double the maximum amount they can borrow, with $220 per week for singles and $280 for students with dependents.
The province is also slashing the repayment amount: students only need to pay back 10 per cent of their annual household income per year, rather than 20 per cent.
Those making less than $40,000 don’t have to start prepaying outstanding loans, which aligns with the federal Repayment Assistance Program.
Since 2019, B.C. student loans have been interest-free.
