NEWS RELEASE
For Immediate Release 2008FIN0018-001507 Oct. 3, 2008	Ministry of Finance and Ministry responsible for the Olympics
LOW-INCOME FAMILIES RECEIVE CLIMATE ACTION TAX CREDIT

VICTORIA – Lower-income British Columbians and their families will soon receive the Climate Action Tax Credit to offset the cost of the carbon tax, Finance Minister Colin Hansen announced today.

 

For most British Columbians who receive the maximum low income climate action credit, the benefit will exceed the carbon tax they will pay in 2008 and 2009. The carbon tax is one part of a much larger program to help British Columbians make greener choices to reduce greenhouse gas emissions.

“The Climate Action Tax Credit will help all low and modest income individuals and families with the carbon tax they pay,” said Hansen. “Our tax on the pollution caused by carbon emissions was carefully designed so that low-income families would be protected – and every dollar collected is being returned directly to taxpayers through tax reductions and credits for British Columbians.”

 

In addition to the personal, corporate and small business income tax cuts provided this year, the tax-free B.C. Low Income Climate Action Tax Credit will be sent to more than one million residents. Individuals with incomes of up to $30,000 in 2007 and B.C. families with incomes of up to $35,000 will receive the maximum annual amount of $100 for each adult and $30 for each child in the first year. Single parent families will receive $100 for the first child.

 

“The tax credit will increase by five per cent in July 2009 and will be reviewed annually to ensure it continues to help offset the cost of the carbon tax for lower-income British Columbians,” said Hansen. “Since 2001, most British Columbians have seen provincial personal income tax reductions of more than 35 per cent and 250,000 British Columbians now pay no provincial income tax.”

 

For information about how to receive the B.C. Climate Action Tax Credit through the Federal GST credit program, please call Canada Revenue Agency’s GST credit line toll-free at 1-800-959-1953.

 

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