Province announces two cost of living credits

VICTORIA, B.C. — Provincial ministries have announced a one-time cost of living credit this fall and another BC Affordability Credit in January.

A BC Hydro bill credit of $100 will reportedly be provided to all eligible residential and commercial electricity customers, including those who receive their electricity services from FortisBC or a municipal utility.

According to the Ministry of Finance and the Ministry of Energy, the $100 credit amounts to approximately one month of electricity for a family living in a detached house or more than two months of electricity for a family in an apartment.

Commercial ratepayers, however, will receive a one-time bill credit for an average of $500; the amount is determined based on their prior year’s electricity consumption.

The credit will automatically be applied to electricity bills.

The ministries say BC Hydro will provide a cost of living credit due to market conditions that reportedly resulted in increased trade and domestic revenues.

BC Hydro customers will have the credit applied in early December, and other company customers will likely see the credit applied to their bill early in the new year.

The BC Affordability Credit through the Canada Revenue Agency will be received automatically by eligible individuals and families in early January 2023.

An eligible person with an income of up to $36,901 will receive the maximum credit. Individuals above that line will receive less, and those who make over $79,376 will not receive the credit.

An eligible family of four with a household income of $43,051 will receive the maximum amount, and families with a household income of $150,051 or more will not receive the credit.

For more information on both credits, visit the BC government webpage.