With global inflation still driving costs up, families and small businesses in B.C. will get a one-time cost-of-living credit on their BC Hydro bill this fall, and a new BC Affordability Credit in January.
BC Hydro Credit
A BC Hydro bill credit will be provided to all eligible residential and commercial electricity customers, including those who receive their electricity service from FortisBC or a municipal utility.
The one-time $100 cost-of-living credit amounts to approximately one month of electricity for a family living in a detached home, or more than two months of electricity for a family living in an apartment.
Commercial ratepayers, including small and medium businesses, such as restaurants and tourism operators, will receive a one-time bill credit for an average of $500.The precise amount is based on their prior year electricity consumption.
The cost-of-living credit will help offset household expenses during the months ahead when bills generally start to increase due to higher energy use due to cooler weather.
BC Affordability Credit
Eligible individuals and families will automatically receive the new BC Affordability Credit through the Canada Revenue Agency, the same way the enhanced Climate Action Tax Credit was received in October.
An eligible person with an income of up to $36,901 will receive the maximum BC Affordability Credit with the credit fully phasing out at $79,376. An eligible family of four with a household income of $43,051 will get the maximum amount, with the credit fully phasing out at $150,051.
This additional support means a family of four can receive as much as $410 in early January 2023 to help offset added costs.
Full news release here.
