Renter's tax credit based on annual income was introduced in British Columbia

[Canadalandlords]

Starting in the 2023 tax year, a renter's tax credit based on annual income was introduced in British Columbia. We ask for your assistance in sharing this new renter’s tax credit with your members and/or clients.

For 2024 this tax credit will give $400 to low- and moderate-income renter individuals and families with an adjusted income of $63,000 or less. Individuals and families with an adjusted income greater than $63,000 and less than $83,000 may receive a reduced amount.

Individuals claim their renter’s tax credit on the BC 479 British Columbia Credits form as part of their T1 Income Tax and Benefit Return. No separate application is needed. To receive the credit for 2024, individuals must file their 2024 T1 Income Tax and Benefit Return. If a renter was eligible for the 2023 tax year, but did not claim the renter’s tax credit when they filed their 2023 tax return, they can amend their 2023 tax return to claim it, please see How to change your return for more information.

Please visit the B.C. renter’s tax credit webpage for more details including the criteria for who can claim the renter’s tax credit. We suggest that you subscribe for tax updates to receive an email if there are updates pertaining to the renter’s tax credit.

For questions about eligibility and how to claim the credit, please read T5010-PC British Columbia Tax Information (Page 11) or contact the Canada Revenue Agency with questions about tax credit claims at 1-800-959-8281.