Rebates, benefits and freebies keeping money in your pocket

The provincial budget will mean billions of dollars in new spending on health care, housing, public safety and other government-provided services, but it also comes with loans and rebates that will leave more money in British Columbians’ bank accounts.

A top priority for policymakers is tackling rising inflation, with $3 billion earmarked for low- to middle-income individuals and families.

Starting next year, the long-promised renter discount will be available, with an estimated 80 percent of renters eligible for the $400-a-year loan. Households earning less than $60,000 a year can claim the full amount, while those earning up to $80,000 can seek a partial refund in fulfillment of a promise made by the NDP government six years ago.

Monthly payments under the BC Family Benefit will be increased by 10 percent, with single parents receiving up to an extra $500.

The BC Climate Action Tax Credit is more than double for low- to middle-income households that qualify: A two-parent family that received $500 last year could receive nearly $900 this year, while a single person who received $193.50 last year could receive $447 this year.

The province is also permanently raising the income cap for the tax credit and entitlements, saying, “For British Columbia residents on the lowest incomes, the climate action tax credit can more than offset their personal carbon tax cost.”

These measures come on top of temporary cost-of-living relief previously announced by the province, including ICBC rebates, BC Hydro credits and caps on rent increases; Economists have warned governments that too much sweeping support could fuel inflation further.

INCREASE DISABILITY ASSISTANCE RATES

Those who claim disability assistance will see a small increase in their monthly checks. The “accommodation rate,” which has been steady at $375 a year since 2007, will increase by $125 a month from July.

This takes the monthly support level to around $1,400, well below what proponents had called for, especially after a year of rapid inflation.

The province notes that the lodging rate increase and other supports total $558 million over the three-year plan, and those who rent can also qualify for the renter discount. Individuals on income support or disability assistance can now earn an additional $100 per month without having their child support payments reduced.

ADDITIONS AND ENHANCEMENTS TO FREE SERVICES

On April 1, the province will become the first jurisdiction in Canada to offer free prescription contraceptives. Birth control pills, birth control shots, IUDs, subcutaneous implants and the morning-after pill are all included, with an estimated savings of $25 per month per user.

The province is also working with the College of Pharmacists of BC to expand pharmacists’ ability to prescribe contraceptives in the coming months.

School feeding programs will also be expanded to “provide school-age children reliable access to nutritious food.”

Care provider rates will increase by up to 47 percent for foster families and caregivers, at a cost of $264 million statewide.

STUDENT LOAN CHANGES

Students pursuing post-secondary education can double the maximum amount they can borrow, at $220 per week for singles and $280 for students with dependents.

The state is also reducing the repayment amount: Instead of 20 percent, students only have to repay 10 percent of their annual household income per year.

Those earning less than $40,000 don’t have to start prepaying outstanding loans, consistent with the federal Prepayment Assistance Program.

As of 2019, BC student loans are interest-free.