About 180,000 British Columbia families will be eligible to receive up to $55 per month, or $660 annually, for each child under the age of six under the B.C. Early Childhood Tax Benefit to be introduced during the month of April 2015.
To receive the new benefit in 2015, parents need to file their annual income tax returns, starting with the 2013 tax year, and make sure they have applied for the Canada Child Tax Benefit.
If your child is already registered for the Canada Child Tax Benefit, you will be automatically signed up to receive the B.C. Early Childhood Tax Benefit, as long as you meet the eligibility requirements.
The maximum benefit will be available to all eligible families with net incomes under $100,000.
The benefit will start to phase out at $100,000 and will be fully phased out at $150,000.
It is estimated that 140,000 families will receive the full benefit, while an additional 40,000 families with net incomes over $100,000 will receive a partial benefit.
For more information about the new B.C. Early Childhood Tax Benefit, visit: www.mcf.gov.bc.ca/childcare/tax_benefit.htm.