In a move to ease the financial burden of property taxes, the Government of British Columbia has raised the eligibility thresholds for both the renter’s tax credit and homeowner’s grant for the 2024 tax year. These adjustments aim to help more residents access valuable relief, particularly renters and homeowners struggling with rising property costs.
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Renters Get a Boost: $400 Tax Credit Now Available for More BC Residents
Originally introduced in 2023, the BC renter’s tax credit provides up to $400 for individuals earning $60,000 or less. This program has been extended into 2024, with the income threshold adjusted to account for inflation.
For 2024, BC residents can now earn up to $63,000 to qualify for the full $400 credit. Those making between $63,000 and $83,000 will still be eligible for a partial amount, based on their income. The move is expected to assist more renters across the province in managing costs.
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Homeowners See Increased Threshold for Tax Relief
BC homeowners also benefit from enhanced property tax relief. The homeowner’s grant has increased by $25,000, with new eligibility thresholds allowing approximately 92% of BC property owners to claim up to $1,045 in tax credits.
Homeowners with properties valued up to $2,175,000 can qualify for the grant. In certain regions like Greater Victoria and Metro Vancouver, homeowners will receive $570 off their property tax bills, while residents of other areas can expect $770 in savings. Seniors, veterans, and individuals with disabilities may be eligible for an even higher amount of up to $1,045.
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Flexible Tax Payment Options for Homeowners
For those needing more time to pay their property taxes, BC has introduced a deferral option. Families with dependent children, seniors, and those with disabilities can apply to defer their property taxes for the year. If you qualify, this deferral option can be renewed annually, providing continued financial relief.
These changes are part of BC’s ongoing efforts to address affordability concerns and ensure that residents can better manage the costs associated with housing and property taxes in the province.
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