federal payment canada
EN - Money

BC Has So Many Tax Credits & Benefits For The 2022 Season With Some Giving Back Big Cash

It's that time of year again!

Edmund Lowe | Dreamstime, Mateusz Żogała | Dreamstime

Tax season is officially upon us again and there are plenty of tax credits and expenses that can help you claim back money off the B.C. government.

The tax deadline for most Canadians to file their income tax and benefit return for 2021 is April 30, 2022.

According to the CRA, the quickest way to get your refund is by filing your taxes online. They say that people can expect their tax refund within eight business days using this method.

So, let's take a look at some of the tax credits and expenses which you can apply for.

Farmers' Food Donation Tax Credit

The farmers' food donation tax credit encourages farmers to donate agricultural products that they produce in B.C. to registered charities, such as food banks or school meal programs.

Each farmer or farming company can claim back 25% of the total amount of gifts/donations they donated.

Learn more

Northern Residents Deduction

If you live in certain areas of B.C. then you can claim $11 a day. There's a pretty extensive list of places, including Old Fort Nelson, Telegraph Creek, Cariboo Meadows, and more.

There is also a list of intermediate zone areas, which you can claim $5.50 for every day that you lived in them.

Learn more

B.C. Venture Capital Tax Credit

People who invested in small businesses in B.C. can receive a 30% tax credit on their investment.

The idea behind this tax credit is to encourage people to invest in small businesses around the province.

Learn more

B.C. Training Tax Credit

Anyone training in a trade that is registered through the Industry Training Authority can claim tax credits.

It applies to B.C. residents who are registered with an eligible program and who are not enrolled in a public high school or homeschooling program.

For example, if you owe $1,000 in income taxes and your B.C. training tax credit is $2,500, your taxes owing will be reduced to zero and you'll receive a refund of $1,500.

Learn more


Sales Tax Credit

Pressmaster | Dreamstime

For any year after 2013, you can claim up to $75 for a sales tax credit. You can also get up to $75 for your spouse if they live with you.

To get this credit you need to be over 19 years old, had a common-law partner or spouse, or were a parent.

Learn more

B.C. Home Renovation Tax Credit

Nomadsoul1 | Dreamstime

This tax credit is for seniors aged 65 and over and people with disabilities to help them with the cost of home renovations that can make their home more functional, such as a chairlift on stairs.

The maximum credit is $1,000 per tax year and it's 10% of the renovation expense.

More details.

B.C. Child Opportunity Benefit

This is a tax-free benefit that gives families with children under 18 years old a monthly payment.

In a year, families can get $1,600 for their first child, $1,000 for their second, and then $800 for every child after that which is under 18 years old.

The amount ranges based on the household income though, so make sure to check out how much you can receive.

Learn more

B.C. Mining Exploration Tax Credit

This tax credit is for some corporations that are involved in mineral exploration in the province.

So if you own a corporation that is exploring metals, coal, or minerals — you may be in luck.

This is a calculated credit, so you can get 20% of your expenses back for mining exploration.

Learn more

From Your Site Articles