BC Recovery Benefit

LT Site Icon

The Government of British Columbia has announced a one-time, tax-free payment for eligible families, single parents, and individuals residing in British Columbia.

The BC Recovery Benefit is a direct deposit payment of up to $1,000 for eligible families and single parents and up to $500 for eligible individuals. The benefit amount that you will be eligible for will be automatically calculated based on your 2019 net income if you apply.

Who is eligible for the BC Recovery Benefit:

Eligibility Group2019 Net IncomeEligible Amount
Eligible families & single parentsUp to $125,000$1,000
Eligible families & single parentsUp to $175,000Reduced benefit amount
Eligible individualsUp to $62,500$500
Eligible individualsUp to $87,500Reduced benefit amount

 The benefit is available to people who meet the following general eligibility criteria:

  • Residing in British Columbia on December 18, 2020
  • At least 19 years old on December 18, 2020, or meet specific eligibility criteria
  • Filed a 2019 Canadian personal income tax return, or meet specific eligibility criteria
  • Have a valid SIN, individual tax number, or temporary tax number 

What do you need to apply for the BC Recovery Benefit?

To apply for the BC Recovery Benefit, you will need the following:

  • 2019 net income – This amount can be found on Line 23600 of your 2019 income tax return.  
  • SIN, individual tax number, or temporary tax number
  • Driver’s licence number if you have a BC driver’s licence
  • Direct deposit information

Online applications open December 18, 2020 and the deadline to apply is June 30, 2021. Support is available by phone (1-833-882-0020) starting December 21, 2020.

For the specific eligibility criteria and more information on the BC Recovery Benefit, please visit the BC Government Website.

Written by: Patrick Caffrey, CPA, CA.

Looking To Chat with an Advisor?

If you or someone you know are in need of financial advice, we are always happy to chat. We don’t charge for the first consultation, and there is no obligation to sign-up. Contact us to book a free financial consultation with one of our licensed financial advisors. 

Share on facebook
Share on twitter
Share on linkedin
Share on email

Looking to build sustainable, long-term wealth?

We can help.

(604) - 416 - 2505

LTwealth@raymondjames.ca

555 Burrard St, Vancouver BC

Article Disclaimer:

Links provided to other internet sites are for the convenience of users. Raymond James Ltd. is not responsible for the availability or content of these external sites, nor does Raymond James Ltd. endorse, warrant or guarantee the products, services or information described or offered at these other sites. Users cannot assume that the external sites will abide by the same Privacy Policy which Raymond James Ltd. adheres to. Information in this article is from sources believed to be reliable, however, we cannot represent that it is accurate or complete. It is provided as a general source of information and should not be considered personal investment advice or solicitation to buy or sell securities. The views are those of LT Wealth Management Partners and not necessarily those of Raymond James Ltd. Investors considering any investment should consult with their Investment Advisor to ensure that it is suitable for the investor’s circumstances and risk tolerance before making any investment decision.

Subscribe now and get Access to 10 Proven Strategies for Building Long-Term Wealth

Your privacy is fully protected. By signing up to receive our wealth building strategies you give explicit permission for LT Wealth Management Partners to email you to deliver our enewsletter. It is important to note that your consent acknowledges agreeing to receive our newsletter knowing that your email may be stored on external servers outside of Canada.

Wealth Tips Document Overview

10 Proven Strategies For Building Long-Term Wealth

Download these 10 wealth building strategies plus more with the LT Wealth monthly newsletter – subscribe now and enjoy a wealth of knowledge.

Your privacy is fully protected. By signing up to receive our wealth building strategies you give explicit permission for LT Wealth Management Partners to email you to deliver our enewsletter. It is important to note that your consent acknowledges agreeing to receive our newsletter knowing that your email may be stored on external servers outside of Canada.