The measures announced by Premier John Horgan on Wednesday could save a family of four up to $1,500. The Opportunity Child Benefit has also changed to the BC Family Benefit. “Everyone is feeling the pinch from global inflation, which is driving up the cost of groceries, gas and other goods and services,” Horgan said. “Our next support measures will help reduce costs for renters, put money back into people’s pockets and give families a cushion during difficult times.”

		Read more: The BC government  is considering inflation-specific discounts to manage rising costs 		
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			The government of BC  is considering inflation-specific discounts to manage rising costs

Story continues below ad Both the Climate Action Tax Credit and the BC Family Benefit are means-tested. In October, the maximum amount for the Climate Action Tax Credit for low- and moderate-income British Columbians will increase by an additional $164 per adult and $41 per child. A family with two children can receive up to $410 more. Eighty-five percent of residents are expected to benefit from this increase. “We recognize that not all programs are going to benefit everyone equally,” Finance Minister Selina Robinson said, adding that the province leveraged existing programs to target those most in need. Trending Stories

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																2:30 When can British Columbians expect some relief from rising gas, food and cost of living?  When can British Columbians expect some relief from rising gas, food and cost of living?  – July 11, 2022

The BC government has been promising wage boosts for months, with the cost of living approaching levels not seen in more than 40 years. Story continues below ad In January, February and March, the BC Family Benefit will increase by up to $58.33 per child for each month, the province said. Instead of allowing rent increases on par with inflation, BC is also putting a two per cent cap on increases for 2023. For a tenant paying $2,000 in rent, that could mean savings of up to $816 next year. Horgan said he will work with BC landlords to find solutions that meet their needs, but the “crisis” renters are now experiencing must be addressed.

		Read more: Bank of Canada raises key rate to 3.25%, says not done yet

The government is also working with BC Hydro on an additional cost of living measure to help BC residents reduce expenses during this period of high global inflation. The province had been promising to provide cost-of-living assistance for months and was considering rebates or checks for British Columbians. The Bank of Canada announced another rate hike on Wednesday. The rate now stands at 3.25 percent, up from 2.5 percent. Horgan previously announced a $110 ICBC discount to counter rising gas prices that are currently contributing to the cost of living. © 2022 Global News, a division of Corus Entertainment Inc.