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:
For more information pertaining to specific eligibility criteria, please click here.
What is needed to apply?
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 would like more information on this topic, please contact a member of the Empire CPA team by filling out the contact form below.
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. Empire, Chartered Professional Accountants will not accept any liability for any tax ramifications that may result from acting based on the information contained above.
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