The B.C. Family Benefit is a financial assistance program designed to support families in British Columbia with children under the age of 18. Managed by the Canada Revenue Agency (CRA), this program helps alleviate the financial burden on families by offering a tax-free monthly payment to help with the costs of raising children.
As part of the 2024 budget, the B.C. Family Benefit will provide an enhanced bonus payment of around $445, which will be distributed to eligible families from July 2024 through June 2025. This additional support comes at a time when rising living costs due to inflation and high interest rates have created economic strain for many households.
Approximately 340,000 families across the province will benefit from this increase, including 66,000 families who will be eligible for the first time.
Eligibility for the B.C. Family Benefit Bonus
The B.C. Family Benefit Bonus is available to families who meet specific eligibility requirements during the bonus period from July 2024 to June 2025. The key factors that determine eligibility include:
Filing Tax Returns
Families must file a T1 Income Tax and Benefit Return for the year. The CRA uses this information to calculate the eligibility and benefit amounts.
Registration for Canada Child Benefit
Families who have registered their children for the Canada Child Benefit (CCB) will automatically be considered for the B.C. Family Benefit, including the bonus. If your child is not registered, you will need to apply for the CCB first.
Residency in British Columbia
The benefit is available only to residents of British Columbia. If you move to B.C., your eligibility will be reassessed once the CRA updates your residency status. If you leave the province, be sure to inform the CRA to adjust your benefits accordingly.
Income Level
The bonus amount, as well as the regular B.C. Family Benefit, is determined by a family’s adjusted net income. The maximum benefit is available to families whose income is below a certain threshold, with the benefit amount gradually decreasing as income rises. At higher income levels, the benefit phases out entirely.
New Recipients
Around 66,000 families will be eligible for the B.C. Family Benefit for the first time this year. These families will automatically receive the bonus once they file their income taxes, providing an extra incentive for families to ensure their tax filings are up-to-date.
By meeting these criteria, families can access the B.C. Family Benefit Bonus, helping them manage financial challenges caused by economic pressures.
Benefit Amounts and Bonus Breakdown
The B.C. Family Benefit is designed to assist families based on their income level and the number of children under 18 in their care. Here’s a breakdown of the benefit amounts:
Regular Benefit Amounts
For families earning less than $35,902, the annual benefit is as follows:
- First Child: $2,188
- Second Child: $1,375
- Additional Children: $1,125 per child
For families earning between $35,902 and $114,887, the benefit amounts are:
- First Child: $969
- Second Child: $937
- Additional Children: $906 per child
For families with an income above $114,887, the benefit decreases progressively. The reduction rate is 4% of the income that exceeds $114,887 until the benefit reaches zero.
Low-Income Single Parent Supplement
Single parents with low incomes can receive an additional supplement of $500 annually, which is intended to provide extra assistance to single-parent households facing unique financial difficulties.
Bonus Payment
In response to increasing living expenses, each eligible family will receive an additional bonus of approximately $445 on average. This bonus will be distributed monthly from July 2024 to June 2025. It aims to offer additional financial support during periods of inflation, helping families cover everyday expenses such as groceries, clothing, and other necessities.
By offering these enhancements to the B.C. Family Benefit, the government aims to provide greater financial relief to families facing economic hardships, ultimately supporting their ability to provide for their children.
