By Dave Branco

BC affordability credit

Check your bank account, there may be extra money

Apr 5, 2023 | 2:25 PM

PRINCE GEORGE – Over the last few years, prices have risen, and people’s dollars have become stretched. The province has begun depositing funds into some families’ bank accounts to help pay for essentials.

As many as 85% of British Columbians will receive a full or partial BC affordability credit this week. According to the province, many British Columbians struggle with everyday life’s costs due to global inflation. Experts suggest those receiving the money should prioritize how it’s spent.

“Purchasing fuel for your vehicle, buying groceries for your family, and even buying clothes and necessities for children to attend school have all increased significantly. So the idea is this is designed to reduce the cost of those costs of living.”

Melody Desmarais Beverley & Associates Inc.

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The amount received is based on income and family size.

This is the third credit to be delivered since last fall. In total, these credits put approximately $1.5 billion into the pockets of British Columbians. This infusion of government funds into this economy may affect inflation.

“If we see the chain reaction from government support that drives further inflation, then we’ll see interest rate increases as well. But I think that’s really going to come further in the future.”

Corey Naphtali, Audit Partner, KPMG Prince George and Northern BC

The amount is based on income and family size, providing as much as $164 per adult and $41 per child, or approximately $410 for a family with two children.