BC residents have six months left to take advantage of this awesome benefit bonus
A new year means more opportunities to take advantage of government benefits to help get some extra money in your pockets.
BC parents should note that a sweet bonus payment will end in the next six months.
The bonus is part of the BC family benefit, which provides a tax-free monthly payment to families with children under 18.
Last year, the province announced that families would receive a bonus with the payment for the July 2024 to June 2025 benefit period.
The one-year bump in financial support is intended to help families pay for things like groceries or recreational sports.
“With global inflation and high interest rates driving up daily costs, we know families are being hit hard right now,” Premier David Eby said in a news release last summer.
“Getting a little extra money to families for the basics is one of the ways we’re helping people who are feeling squeezed right now.”
This bonus will be included in the will be included in the monthly BC family benefit payment.
How much can families get with the BC Family Benefit Bonus?
According to the province, the maximum annual benefit, including bonus payment, parents may receive is $2,188 for their first child, $1,375 for their second child, and $1,125 for each additional child.
These amounts are adjusted based on net income for the 2023 tax year.
Those who netted less than $35,902 will receive the maximum annual benefit.
Families with an adjusted net income between $35,902 and $114,887 will receive a reduced amount of at least $969 for their first child, $937 for their second child, and $906 for each additional child.
And for those making more than that, “these amounts are reduced by 4% of the portion of adjusted family net income over $114,887 until they are reduced to zero,” notes the province.
The bonus amount will no longer be in effect after June 2025, as the family benefit payment amounts will return to the usual levels for July 2025.
You can calculate how much your family will receive on the provincial site.
With files from Nikitha MartinsÂ