Province takes aim at cost of living with 2% rent cap, increased tax benefits
A two per cent rent increase cap for 2023 was one of the new measured announced with the goal of helping British Columbians navigate high costs of living.
The climate tax credit for low- and medium-income families is set to be the first announcement to take effect – in October – with an increase of up to $164 per adult and $41 per child, thanks to a $500 million investment into the credit by the province. The rent increase cap is being implemented as a replacement to the previous law, which allowed for an automatic two per cent rent increase in addition to an increase tied to inflation.
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