Starting this October, the provincial Early Childhood Tax Benefit is changing to the BC Child Opportunity Benefit.
The maximum annual benefit will be $1,600 for a family’s first child, $1,000 for the second, and $800 for each additional child. The children must be under the age of 18 to qualify.
If a family’s net income is under $25,000, they will qualify for the full benefit. If their net income is between $25,000 and $80,000, the benefit will be reduced by 4% of the balance over $25,000, to a minimum of $700 for the first child, $680 for the second child, and $660 for all other children.
If a family’s net income is over $80,000, the benefit is reduced by 4% of the excess until it is totally phased out.
In a scenario of a family with two children, the benefit will be totally phased out at $114,500 of income.