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January 14, 2024 - 3:30 PM
A new BC renter’s tax credit can add $400 to refunds renters get when they file their income taxes for the 2023 tax year.
The full $400 credit is only for households earning less than $60,000 per year. It drops by 2% for income above $60,000, reaching zero for those who earned $80,000 or more.
The income limits will be adjusted each year in the future based on inflation.
The tax credit was actually a 2017 NDP election campaign promise but wasn't implemented until last year.
READ MORE: Rent on the rise for one-bedroom apartments in Kelowna
This is a tax credit so if the total refund is less than $400, the rebate will only pay the difference.
Only one person in the household can claim the benefit.
Renters had to pay rent for at least six one-month periods during the year in order to quality.
Get more information here.
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