Thursday, June 26, 2008

BC Climate Action Dividend

DISTRIBUTION OF THE CLIMATE ACTION DIVIDEND

British Columbians have started to receive their $100 Climate Action Dividend.

As announced in Budget 2008, the Climate Action Dividend is a one-time payment for each person – including children – resident in British Columbia on Dec. 31, 2007.

Along with new personal and business tax cuts that begin July 1, the Climate Action Dividend will help British Columbians choose their own paths to a lower-carbon lifestyle.

The vast majority of Climate Action Dividend cheques are expected to arrive in British Columbians’ mailboxes by Monday, June 30.

The initial distribution includes approximately 3.1 million dividend cheques, covering 3.9 million British Columbians. This is based on individuals who filed a 2006 or 2007 income tax return by April 30 and their dependants. Dividend cheques will continue to be distributed on a monthly basis as tax returns and applications filed after April 30 are processed.

With a distribution of this size, it will take several days for the cheques to reach every mailbox. This may mean not every house on a given street, nor every individual in a given household, will receive their cheques on the same day.

The Province is working with the Canada Revenue Agency and Canada Post to ensure the process runs smoothly. For individuals who have not received a cheque by July 8, please call the Canada Revenue Agency at 1-866-426-1526.

Filing a 2006 or 2007 income tax return is the fastest and most straightforward way to receive the Climate Action Dividend. In addition to receiving the dividend, filing an income tax return can determine eligibility for other federal and provincial tax benefits, including the new B.C. Low Income Climate Action Tax Credit.

To learn more about the Climate Action Dividend, the income tax cuts that start July 1, or climate-smart choices for spending your dividend, visit smartchoicesbc.ca.

Editor's Note: with the new 2.5 cent a litre 'tax grab' how long it takes for you to give the money back will depend on how much fuel you buy!


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