Province Announces New Spending To Battle Global Inflation

The Province has announced new spending to battle global inflation.

The Province has announced new spending to battle global inflation.

It's dropping $600 million to boost a tax credit and increase family benefits for low and moderate-income residents.

Premier John Horgan says global inflation is driving up the cost of groceries, gas, and other goods and services, and these new measures will "help bring down costs for renters, put money back into people's pockets and offer families a cushion during challenging times."

The Province is increasing the next Climate Action Tax Credit payment, boosting the BC Family Benefit, and capping rent increases below inflation, a package estimated to be worth up to $1,500 for a family of four.

Next month, the maximum amount for the Climate Action Tax Credit for low[1]and moderate-income British Columbians will go up to an additional $164 per adult and $41 per child.

This means a family with two children can receive up to an additional $410.

In January, February and March 2023, the BC Family Benefit will rise by as much as $58.33 per child, for each month.

A family with two children will receive up to $350 from this top-up.

And for renters, instead of allowing rent increases equivalent to inflation, the government is placing a 2% cap on increases for 2023.

For a renter paying $2,000 in rent, this will mean saving up to $816 next year.

If landlords choose to increase rent, they must provide a full three months' notice to tenants using the correct notice-of-rent increase form.

This means the earliest tenants could see an increase in rent is Jan. 1, 2023.

The government says it is also working with BC Hydro on an additional cost-of-living measure to help B.C. residents reduce expenses.