New child benefit to start October 2020
In about eighteen months, British Columbia will launch a new child benefit for families with net incomes of $114,000 annually or less. This new child benefit is structured to provide more money to families with lower incomes; however, it still provides considerable benefits to middle-income families as well.
Under the new benefit, for families at the bottom end of the income range, one child families will receive as much as $1,600 annually until their child turns 18. Two child families could receive as much as $2,600 annually. Three child families could receive as much as $3,400 annually.
For families at the top of the income range noted above, they will receive a minimum of $700 annually if they have one child, $1,380 if they have two children, and $2,040 if they have three children, and they also are eligible for the benefit until the children turn 18.
For more information on this benefit, which will lift thousands of BC families out of poverty, or just make day to day expenses a bit easier to manage, click here: https://www2.gov.bc.ca/gov/content/family-social-supports/caring-for-young-children/bc-early-childhood-tax-benefit/child-opportunity-benefit