Climate Action Tax Credit 2024: What is BCCATC? Payment Dates and Status 2024
The Climate Action Tax Credit (CATC) is a government initiative aimed at supporting low and middle-income individuals and families in British Columbia (BC), Canada, to help offset the costs associated with the carbon tax. The BC CATC, or BCCATC, specifically refers to the version of this credit in British Columbia.
Payment dates for the BCCATC typically occur quarterly, with eligible individuals and families receiving their credits directly deposited into their bank accounts or through mailed cheques. These payments are usually issued in July, October, January, and April, providing regular financial assistance throughout the year.
The status of BCCATC payments is regularly updated and released by the government to ensure transparency and inform recipients of any changes or updates to the program. It’s essential for eligible individuals and families to stay informed about the status of their payments to ensure they receive the support they are entitled to.
In addition to providing financial assistance, the Climate Action Tax Credit aims to encourage environmentally friendly practices by taxing carbon emissions and redistributing the revenue to help mitigate the financial burden on lower-income households. By supporting climate action initiatives while providing financial relief to those in need, the BCCATC plays a vital role in promoting both economic and environmental sustainability in British Columbia.
Climate Action Tax Credit
The Climate Action Tax Credit is a quarterly payment aimed at reducing the impact of carbon taxes. It’s exclusively funded by the British Columbia Government and is accessible only to residents of the province. However, the Canada Revenue Agency is responsible for administering the payments on behalf of the BC Government.
Starting from July 1, 2024, the tax credit amount has been increased according to the new budget. Similar to other tax credits, the actual benefit amount varies depending on the Adjusted Family Net Income (AFNI). It’s important to note that only one individual within a family can receive the BCCATC on behalf of the entire household. This ensures that each eligible family receives the appropriate amount of support.
BC Climate Action Tax Credit
Name | Climate Action Tax Credit |
Province | British Columbia |
Administered by | CRA |
Funded by | Government of British Columbia |
Payment Frequency | Quarterly |
Payment Type | non-taxable |
Benefit Year | July 2024 to June 2024 |
Amount | 447 dollars (individuals) | 223.50 dollars (Spouse/Common-law partner) |
Payment Months | July, October (2024), January, and April (2024) |
Website | gov.bc.ca |
What is BCCATC?
The BCCATC, short for the British Columbia Climate Action Tax Credit, is a tax-free payment designed to assist low-income individuals and families in mitigating the impact of carbon taxes. This substantial tax credit is determined based on the information provided in the T1 Income Tax and Benefit Return from the previous year. By providing financial support through the BCCATC, the government aims to alleviate the burden of carbon taxes on those who may be economically disadvantaged, thereby promoting equity and sustainability.