New cost-of-living credit will be delivered to 85% of B.C. residents Thursday, finance ministry says

Most British Columbians will soon see a little extra money in their bank accounts.

The latest cost-of-living credit announced by Premier David Eby in November is expected to arrive Thursday.

The Ministry of Finance says 85 per cent of British Columbians will receive a full or partial B.C. Affordability Credit from the Canada Revenue Agency, which will provide as much as $164 per adult and $41 per child.

Finance Minister Katrine Conroy says British Columbians' budgets are already stretched, and the credit will help combat rising costs.

"We know it won't cover all the bills, but hopefully, this little extra from the B.C. Affordability Credit will help take a bit of the pressure off as we head into a new year," she said.

As of November 2022, B.C.'s consumer price index was up 7.2 percent compared to the same time in 2021.

In November, along with the B.C. Affordability credit, Eby also announced a one-time, $100 B.C. Hydro credit.

The utility service says the credit was automatically applied to customers' bills in December.

The province says B.C. families will also receive the first of three enhanced B.C. Family Benefit payments on Jan. 20.

The three payments will be sent out in January, February and March, providing up to an additional $58.33 per child each month.

"We're focused on helping the people and families who need it most right now, and we are in a strong position to continue this support," Conroy said.

At the end of November, former finance minister Selena Robinson revealed that B.C. was sitting on a surplus of $5 billion.