Renter’s Tax Credit, Homeowner Grant To Help People Get Ahead

The Province is highlighting help with housing costs this year for BC residents, whether they rent or own.

Renters may be eligible for support through the renter’s tax credit. Starting in 2025, income thresholds are increasing for the credit.

Renters can now claim as much as $400 a year off their taxes if their adjusted income is $63,000 or less, or a partial credit for an adjusted income as much as $83,000.

Most homeowners can also get a grant to reduce the amount of property tax they pay.

To start the new year, B.C. is adjusting the property value threshold for the homeowner grant, so it continues to cover 92% of homeowners.

The government says that’s an increase of $25,000 from the previous threshold to reflect moderate and stable market conditions.

Some homeowners may also choose to apply to defer their property tax for the year if they feel they need extra time to pay.

Families with dependent children, people over 55 and people with disabilities may be eligible. People can continue to defer as long as they qualify.

The grant provides as much as $770 in relief for most eligible homeowners.

To learn more, visit Government of British Columbia.