British Columbia’s Low Income Climate Action Tax Credit increased by 10 per cent on July 1 to help low income families and individuals offset the increasing rate of the revenue-neutral carbon tax, Finance Minister Kevin Falcon announced today.
Effective July 1, the carbon tax on gasoline rose by 1.11 cents per litre to 5.56 cents per litre. Other fuels see a similar increase.
Government provides the Low Income Climate Action Tax Credit, paid quarterly, to ensure low- and modest-income British Columbians are compensated for the tax they pay. The 10-per-cent increase brings the payment to $115.50 per adult and $34.50 per child annually.
Ministry of Finance press release