On December 8, 2020, The BC Government announced its plan to provide eligible families and single parents with a one-time, tax-free benefit payment of up to $1,000 for families and up to $500 for individuals.
How does the benefit work?
Families and single parents with a net income of up to $125,000 are eligible to receive a $1,000 benefit payment. For families and single parents with a net income of up to $175,000, the benefit payment is reduced.
Individuals with a net income of up to $62,500 are eligible to receive a $500 benefit payment. For individuals with a net income of up to $87,500, the benefit payment is reduced.
Who is eligible for this benefit?
The BC Recovery Benefit is available to people who:
- Reside in British Columbia on December 18, 2020
- Are at least 19 years of age on December 18, 2020, or meet specific eligibility criteria
- Have filed a 2019 Canadian personal tax return, or meet specific eligibility criteria
- Have a valid social insurance number (SIN), individual tax number or temporary tax number
For more information pertaining to specific eligibility criteria, please click here
What is needed to apply?
- Net income from your 2019 tax return, which can be found on Line 23600 of your return
- A social insurance number, individual tax number, or temporary tax number
- If you have a valid B.C. driver’s license, then you must provide your driver’s license number
- Direct deposit information as the benefit payment will only be issued by direct deposit.
How to apply
People may submit an online application beginning on December 18, 2020, through to June 30, 2021. Phone support will be available starting December 21, 2020.
If you have questions regarding the BC Recovery Benefit, please contact a member of the EPR Maple Ridge Langley team at email@example.com.
Canadian and foreign tax laws are complex and have a tendency to change on a frequent basis. As such, the content published above is believed to be accurate as of the date of this post. Before implementing any tax planning, please seek professional advice from a qualified tax professional. EPR Maple Ridge Langley, Chartered Professional Accountants will not accept any liability for any tax ramifications that may result from acting based on the information contained above.