Renters can get up to $400 back on income taxes in BC this year
A new BC renter’s tax credit can add $400 to refunds renters get when they file their income taxes for the 2023 tax year.The full $400 credit is only for households earning less than $60,000 per year. It drops by 2% for income above $60,000, reaching zero for those who earned $80,000 or more.The income limits will be adjusted each year in the future based on inflation.The tax credit was actually a 2017 NDP election campaign promise but wasn't implemented until last year.READ MORE: Rent on the rise for one-bedroom apartments in KelownaThis is a tax credit so if the total refund is less than $400, the rebate will only pay the difference.Only one person in the household can claim the benefit.Renters had to pay rent for at least six one-month periods during the year in order to quality.Get more information here.To contact a reporter for this story, email Rob Munro or call 250-808-0143 or email the editor. You can also submit photos, videos or news tips to the newsroom and be entered to win a monthly prize draw.We…
14 Jan 23:30 · iNFOnews.ca