Quote:
Originally Posted by GenWhy?
So, as a tax credit for the year 2026, I'd receive a lump sum cheque with my tax return in 2027?
So if I have higher rent / mortgage I'd get a higher rebate, regardless of income?
So if my rent is $2,100/mth I'd get $16,934 at tax time in 2027?
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I don't think you get a cheque. You will have to put your monthly rent or mortgage payment into the Provincial tax return, and the first $1,500 per month (or the entire amount if it's less than $1,500) is credited against your Provincial tax bill.
So all those older home owners who have paid off their mortgage will be getting nothing. Which is kind of odd, given that traditionally I think they tend to have a greater likelihood of supporting conservatives.
To pay for the significant tax shortfall that will result from the new rebate, it seems likely health and social services spending will have to be cut. As well as programs like BC Housing, no doubt.