B.C. residents are going to get some reprieve on their home heating costs this winter and lower-income families will get an additional tax credit this fall.
BC Hydro and FortisBC have each announced every customer will soon receive a one-time $100 “cost-of-living” credit to their electricity accounts.
In addition to the two credits, Premier David Eby announced a new “BC Affordability Credit” to help low- and middle-income earners with the rising costs of inflation.
According to a provincial government statement, the tax credit “will provide as much as an additional $164 per adult, and $41 per child, or as much as $410 for a family with two children earning $43,051, with a sliding scale of credits for families earning as much as $150,051.”
At his oath-of-office ceremony at Musqueam First Nation Friday morning, Eby also announced every BC Hydro customer will have $100 returned to their account as the taxpayer-backed utility company “had a very good year.”
“BC Hydro is able to provide a cost-of-living credit due to market conditions that resulted in increased trade and domestic revenues. It will apply automatically to electricity bills,” stated the government.
BC Hydro customers will have the credit applied in early December.
If you receive electricity from FortisBC, the utility announced Friday “residential customers can expect to receive a $100 credit on their electricity bill over the next three months depending on the billing schedule for each individual customer.”
As well, “Commercial customers will receive a credit in the first half of 2023. The precise amount is based on their electricity consumption between Oct. 1, 2021 and Sept. 30, 2022 and is expected to average around $500.”
A likewise credit will apply to commercial BC Hydro accounts.
In the case of all credits, there is no need to apply.