Young families received attention this spring when the British Columbia Early Childhood Tax Benefit was introduced in the provincial budget. Starting April of 2015, this benefit will be paid out as a monthly credit, similar to other child tax benefits.
Parents will receive $55 per month for each of their children who are younger than six years old.
Reflecting other child tax benefit programs, the new benefit will be income-based. Once a British Columbia family’s net income exceeds $100,000, the amount of the early childhood benefit will be reduced incrementally.