Wednesday, October 5, 2022
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Horgan announces 2% rent cap and rebates to select groups for inflation relief

Horgan boasted about his government providing $400-million worth of ICBC rebates before the rise in inflation.

The IBCB rebate gave vehicle owners $110 rebate cheques to “offset high fuel costs”, however the rebates were already coming to British Columbians if ICBC had a surplus as part of the new ICBC rules a couple years back.

In addition to raising family benefits for low- and moderate-income people, Horgan said that the province would cap rent increases at 2% beginning in 2023, as opposed to the existing cap, which was based on the rate of inflation. However the rent cap was already brought up in June.

The BC Government claims 85% of British Columbians are eligible for climate action credit and 75% eligible for BC Family Benefit.

To be eligible for the maximum up to $1,500 of the climate action credit you must have a family house hold income no more than $43,051 per year and for single people the threshold is $36,901 per year. There is a reduced credit for household income earners between $36,901 per year and around $61,000. No credits are being provided to families with a household income of more than $62,000 to $70,000 per year depending if you’re a single parent or married, you can check your threshold on the B.C. Climate action credit webpage.

When Horgan was asked why the province didn’t issue rebates to all residents, Horgan said the decision was made to target aid to those who need it most.

The B.C. Family Benefit, formerly known as the province’s Child Opportunity Fund, will give nearly 75% of British Columbians increased tax-free monthly payments. households with young children, he claimed.

The family benefit will only be in effect from January through March, but Horgan said it will increase payments by $58 per month for a single parent with one child.

From January to March, benefits will increase by at least $300 for a family of four making less than $117,000.

The government says no one is required to apply for the increased credit and family benefits if a person’s income tax filing is up to date because it is a temporary measure.

According to Horgan, the initiatives are intended to benefit those who are suffering as a result of rising prices for products and services.

Horgan stated that his government planned to make an announcement regarding B.C. Hydro relief measures near the end of the year. But wouldn’t commit to anything right now because BC Hydro is a regulated utility and they have to ensure the significant profits they made last year, “not from high rates for customers in British Columbian” but also through trade with Alberta and the United States.

Year-over-year inflation rates hit 7.6% in July after hitting a 40 year high of 8.1% in June.

Horgan notes British Columbians are going to be having difficult time with the latest Bank Of Canada interest rate hikes and he will have a discussion with Prime Minister Justin Trudeau about what can be done.

“That’s federal responsibility and I’m sure the Prime Minister will be able to give me a good explanation as to why they’re not intervening in any meaningful way to address that,” Horgan said.

The measures will only be providing people in British Columbia with short term relief Green Leader Sonia Furstenau.

“For too long, our leaders have believed in one-off rebates that fail to address systemic challenges that British Columbians are facing and have failed to invest in our crumbling services.”

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