B.C. residents who receive the Family Benefit will see a higher-than-usual payout next month after the increase announced in Budget 2024 is rolled out.
In Budget 2024, the B.C. government announced it was increasing the BC Family Benefit by 25 per cent, meaning the average family would get $445 more than last year.
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The province says around 340,000 families with children receive the credit, which is a monthly deposit into bank accounts starting in mid-July.
The amount you receive is based on your income filed in your most recent taxes and the number of children in your family.
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Families with an income above $114,887 will be eligbile for the same amount as those with an income between $35,902-$114,887 reduced by four per cent of the portion of income over $114,887 until they are reduced to zero.
The BC Family Benefit comes combined with the Canada Child Benefit through a payment from the Canada Revenue Agency, either by cheque or direct deposit.
According to Statistics Canada, the median income for people living in B.C. was $40,800 in 2020.
Laura Brougham
