Though the provincial government is working in many ways to try to alleviate the financial burden for renters, including by pouring money into new builds and by altering tenancy law, an initiative with a more immediate impact is fast approaching B次元官网网址� the rebate for B.C. renters to claim on this yearB次元官网网址檚 taxes.

University of Victoria professor and tax expert Douglas Stuart explained how people can claim the rental rebate, while also going over a few other of this seasonB次元官网网址檚 tax changes.

Beyond the $400-rebate for qualifying renters, other notable changes include a home sales tax adjustment, a new tax credit for renovations aimed at providing space for ageing family members, and the end of a COVID-era method for deducting home office expenses.

Some of these will boost taxpayers budgets, others could mean more money for government.

In the plus column for taxpayers is the new multi-generational family tax credit, allowing people to claim up to $7,500 against up to $50,000 worth of renovations, but it must be money paid to renovate a home to provide accommodation for a family member over the age of 65, or a disabled adult over the age of 18.

The new home sales tax adjustments B次元官网网址� not to be confused with the 20-per-cent home-flipping tax coming into effect next year B次元官网网址� mean people who sell a property after owning it for less than one year must now pay tax on the full amount of profit, instead of just capital gains tax on 50 per cent, which was how it was typically done previously.

And for those who work at home, the ease with which home office supplies were claimed during the pandemic is ending. That provision allowed for a basic $2 per day claim, but now full details will need to be given in the same way these expenses were claimed before COVID altered the way people work.

For the renterB次元官网网址檚 rebate, Stuart said there are a few requirements that must be met before people submit the B.C. form 479 to claim this.

First, they must have been a B.C. resident at the end of 2023, and cannot have been incarcerated for more than six months of the year. And the rebate cannot be claimed for rent paid to a family member, nor can it be claimed for moorage of a boat, or for a mobile home pad.

To be eligible, people also need to meet income requirements. The full credit is available to those with household income less than $60,000 year, and a partial credit for those earning up to $80,000. Just one person in a marriage or common-law partnership can take the credit. Roommates living together can each take the credit, however.

This rebate is also refundable, meaning it can take a personB次元官网网址檚 payable income tax below zero and result in a return.

Local Saanich renter Jack Sandor is claiming the credit, and he gave his thoughts while discussing housing-related issues at the Saanich Municipal Hall last month. He is certainly grateful for the boost, but said it is not going to fix problems that have kept him renting in a run-down house because he canB次元官网网址檛 afford better despite his income as an apprentice electrician.

B次元官网网址淚tB次元官网网址檚 not nothing, but itB次元官网网址檚 not going to do anything to solve the actual systemic issues,B次元官网网址� he said. B次元官网网址淚tB次元官网网址檚 a Band-Aid. IB次元官网网址檓 glad it exists, but we need a lot more to actually tackle this.B次元官网网址�

Antonia Mah of the VictoriaB次元官网网址檚 Together Against Poverty Society expressed a similar sentiment.

B次元官网网址淓very little bit helps, and itB次元官网网址檚 a sign that the provincial government is taking the rental prices seriously,B次元官网网址� she said after the provincial budget was released in late February. B次元官网网址淗owever, rent rebates, just like subsidies, enable landlords to be able to charge higher rent, which ultimately is counterproductive to addressing affordability.B次元官网网址�

What she was interested in is the ability this will give the Canada Revenue Agency to track landlordB次元官网网址檚 rental income.

B次元官网网址淲e think that this will be an opportunity for the government to gather a lot of data for the first time about how many landlords in B.C. are actually paying taxes on their rental income,B次元官网网址� she said.

Stuart confirmed this could be a possibility.

B次元官网网址淐ertainly that information might be used by the CRA to then look to the other side, and make sure that income inclusions by other taxpayers are complete,B次元官网网址� Stuart said.

From the governmentB次元官网网址檚 perspective, the rebate addresses the need to give renters a boost as they deal with the realities of rising rents, while also providing a measure of fairness as renters arenB次元官网网址檛 able to access some credits available to homeowners.

B次元官网网址淚 think itB次元官网网址檚 going to really come in handy and be supportive for people at a key moment when they see that extra 400 bucks,B次元官网网址� Premier David Eby said last month. B次元官网网址淲e need to recognize that people are not really having the choice to keep renting, and so why would all the tax benefits go exclusively to homeowners.B次元官网网址�

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