In 2015, the BC government is introducing the new BC Early Childhood Tax Benefit to improve the affordability of child care and assist families with the cost of raising young children. The BC Early Childhood Tax Benefit, which is part of the Province’sEarly Years Strategy, is a tax-free monthly payment of up to a maximum of $55 per month – or $660 dollars per year – for each child under the age of six.
Benefits are based on the number of children in the family and the family's net income. The maximum benefit will be available to eligible families with family net incomes under $100,000. The benefit will start to phase out at $100,000 and will be fully phased out at $150,000. About 140,000 families will be eligible to receive the full benefit, while an additional 40,000 families with family net incomes over $100,000 will receive a partial benefit.
This benefit will be administered on a monthly basis through the Canada Child Tax Benefit system, withpayments starting in April 2015.To be eligible to receive the benefit, families must file their 2013 personal income tax returns even if they have no income to report.
For more information on the BC Early Childhood Tax Benefit, please visit the Ministry’s website at:http://www.mcf.gov.bc.ca/