Not having enough money to make ends meet could not come at a worse time than during the holidays. But that’s exactly the scenario that many BC residents are finding themselves in as a result of the coronavirus pandemic.
Thankfully, the BC government has just created the BC Recovery Benefit to help residents in need of financial assistance. Those eligible can receive between $500 to $1,000 in a one-time payment, free of taxation.
The benefit was established to help alleviate some of the financial effects of the health crisis, particularly to those who have been especially hard hit. The benefit was also created to help stimulate the economy in BC and help keep small businesses afloat.
Need extra funds for your business? Check out the $20,000 CEBA extension.
What is The BC Recovery Benefit?
The BC Recovery Benefit is a one-time, tax-free payment offered to eligible Canadians to help provide some financial relief as a result of the current health crisis. Eligibility for the benefit is based on net income reported on 2019 tax returns, and the amount provided will depend on the applicant’s individual or household income.
Applications will open on December 18, 2020.
Are you an Ontarian looking for financial assistance? Check out Ontario’s Emergency Assistance program.
How Much Will I Receive?
Your income when you apply for the BC Recovery Benefit will determine how much you can receive:
- Families with incomes less than $125,000 can get $1,000.
- Families with incomes between $125,000 to $175,000 can get a reduced amount.
- Single people with incomes less than $62,500 can get $500.
- Single people with incomes between $62,500 and $87,500 can get a reduced amount.
Check out the latest income support programs offered by the government.
Eligibility Requirements For The BC Recovery Benefit
In order to qualify to receive the BC Recovery Benefit, you must meet the following criteria:
- Be a resident of BC as of December 18, 2020.
- Be at least 19 years old as of December 18, 2020.
- Have filed a 2019 income tax return in Canada.
- Be the primary caregiver of at least one child to be eligible for the single parent benefit.
- Have a current social insurance number (SIN), individual tax number, or temporary tax number.
- Have a spouse or common-law partner who meets the qualifications if you’re applying for a family benefit; otherwise, you can only apply for the individual benefit.
BC residents who are already receiving disability assistance and income assistance may still qualify for the Recovery Benefit and receive an additional $150 benefit per month for January through March 2021.
You may apply for the benefit as an individual if you’re separated and share custody of your child(ren). Your ex-spouse may also apply as an individual.
If at some point you are deemed to be ineligible for the benefit after receiving payment, you’ll need to pay back the monies received.
Do you receive the Canada Child Benefit (CCB)? Check out how you can get a loan with your CCB.
How to Apply For The BC Recovery Benefit
You’ll need the following in order to apply for the BC Recovery Benefit:
- The net income from your 2019 tax return (found on Line 23600 of your return)
- Social insurance number (SIN)
- Driver’s license number
- Direct deposit/bank account information
You can apply online as of December 18, 2020, support will be available as of December 21, 2020. You have until June 30, 2021 to apply for this benefit, and you should receive payment through direct deposit within five business days after applying.
Having trouble saving? Check out our guide on budgeting.
Final Thoughts
For anyone who is experiencing financial hardship as a result of COVID-19, any amount of money can help. If you’re in need of some financial assistance and live in BC, find out if you qualify for the BC Recovery Benefit to receive some much-needed money to get through the holidays.
