7 BC Tax Credits To Claim When Filing Your Tax Return This Year That Could Save You Money

BC renter's tax credit

For the 2023 tax year, the B.C. renter's tax credit is based on annual income and gives $400 to low- and moderate-income renters with an adjusted income of $60,000 or less.

You could receive a reduced amount if you have an adjusted income greater than $60,000 and less than $80,000.

For the 2023 tax year, you can claim the renter's tax credit if you met the following criteria during the year:

• you occupied an eligible rental unit in B.C. under a tenancy agreement, licence, sublease agreement or similar arrangement for at least six one-month periods
• rent was paid for that rental unit

Also, on December 31, 2023, you needed to be a resident of B.C. and:

• 19 years of age or older, or
• a parent, or
• cohabiting with a spouse or common-law partner

You can claim this refundable tax credit on your 2023 Income Tax and Benefit Return.

Home renovation tax credit for seniors and persons with disabilities

The home renovation tax credit for seniors and persons with disabilities helps eligible individuals 65 and over and people with disabilities cover the cost of certain renovations to improve the accessibility or functionality of their homes.

You're eligible to claim the credit for the year if on the last day of the tax year you were:

• a resident of B.C., and
• a senior or a family member living with a senior, or
• a person with a disability or a family member living with a person with a disability

You can claim the credit when you file your income tax return.

Fill out the British Columbia Home Renovation Tax Credit for Seniors and Persons with Disabilities form, Schedule BC (S12), and enter the amount you spent on eligible renovations beside box 60480 on the British Columbia Credits form, BC479.

This is a refundable tax credit.

BC farmers' food donation tax credit

The B.C. farmers' food donation tax credit is a non-refundable tax credit for farmers and farming corporations who donate certain agricultural products that they produce in B.C. to registered charities like food banks or school meal programs.

The credit is 25% of the eligible amount of a farmer's qualifying gifts for the tax year.

It's available in addition to the charitable tax credit that's claimable in B.C.

If you're a farmer, the spouse of a farmer or the common law partner of a farmer who has made a food donation, you can claim this credit on your income tax return.

You have to enter the amount of the credit you're claiming on the British Columbia Tax form BC428.

Political contribution tax credit

The political contribution tax credit is for individuals who make eligible contributions to registered B.C. political parties, registered B.C. constituency associations or candidates for an election to the Legislative Assembly of B.C.

The credit is either $500, the total of 75% of contributions up to $100, the total of 50% of contributions between $100 and $550, or the total of 33.33% of contributions over $550 — whichever is less.

You claim the credit when you file your 2023 tax return by entering the amount of the credit you are claiming on the British Columbia Tax form BC428.

The political contribution tax credit is non-refundable.

Sales tax credit

You're eligible to claim the sales tax credit for the 2023 tax year if you were a resident of B.C. on December 31, 2023, and you:

• were 19 years of age or older, or
• had a spouse or common-law partner, or
• were a parent

You can claim up to $75 for yourself and $75 for your cohabiting spouse or common-law partner.

If you're single, this credit is reduced by 2% of your net income over $15,000.

If you have a cohabiting spouse or common-law partner, the sales tax credit is reduced by 2% of your family's net income over $18,000.

You claim the sales tax credit when you file your 2023 Income Tax and Benefit Return by using the British Columbia Credits form BC479.

It's a refundable tax credit to the extent that it exceeds your income tax payable.

Training tax credit

The training tax credit is for employers and apprentices who take part in eligible apprenticeship programs through SkilledTradesBC.

You're eligible to claim the training tax credit if you are:

• a B.C. resident at the end of December 31, 2023
• registered with SkilledTradesBC as an apprentice in an eligible program
• not enrolled in a public high school, registered in a homeschooling program or attending an independent school

There are three types of training tax credits:

• basic credit for the first two levels of non-Red Seal programs
• completion credit for level three or level four for both Red Seal and non-Red Seal programs
• enhanced credit for First Nations individuals and persons with disabilities

You're usually able to claim between $1,000 and $3,750

B.C.'s training tax credit is fully refundable.

You can claim the tax credit by completing the British Columbia Training Tax Credit form T1014 and submitting it with your 2023 tax return to the Canada Revenue Agency.

BC caregiver tax credit

B.C. offers basic personal income tax credits, including a caregiver tax credit.

The 2023 base amount is $5,243 and the credit is reduced when the dependant's income is more than $17,742 for the year.

This basic tax credit is non-refundable which means it can reduce the amount of B.C. personal income tax you owe but it can't get you money back from the government through a refund.