PERSONAL TAX TRAINING

BRITISH COLUMBIA RENTER'S TAX CREDIT

The British Columbia Renter's Tax Credit is a new refundable tax credit introduced to provide financial relief for renters in B.C. Eligible individuals and families can claim up to $400 annually, depending on their adjusted income.

Eligibility Criteria

To qualify for the B.C. Renter's Tax Credit, you must meet the following requirements:

• Residency: Be a resident of British Columbia on December 31 of the tax year.
• Age: Be at least 19 years old, or have a spouse or common-law partner, or live with a dependent child.
• Rental Status: Have paid rent for your principal residence in British Columbia for at least six months in the tax year.
• Adjusted Income: Have an adjusted income of $80,000 or less.

Credit Amount

The maximum credit is $400 for households with adjusted incomes up to $60,000. The credit is gradually reduced by 2% of adjusted income exceeding $60,000 and is fully eliminated at $80,000.

Excluded Expenses

For the purpose of this credit, the following are not considered eligible rent payments:

• Payments made to non-arm's length landlords (e.g., parents, siblings, or relatives).
• Amounts under a rent-to-own agreement.
• Employer-provided housing benefits.
• Payments for campsites or manufactured home sites.

How to Claim

Follow these steps to claim the B.C. Renter's Tax Credit:

• Complete Form BC479: Use the British Columbia Credits form to calculate your eligible credit amount.
• Report on Your Tax Return: Include the calculated amount in your T1 Income Tax and Benefit Return.
• Keep Documentation: Retain proof of rent payments, as the CRA may request verification.

For more information, visit the official British Columbia Renter's Tax Credit page.