Starting on October 1, 2020, a new BC Child Opportunity Benefit will be combined with the existing early childhood tax benefit into a single new benefit. The new refundable tax credit will apply to children under the age of 18, whereas the previous benefit applied to children under the age of 6.
The maximum benefit is $1,600 for the first child, $1,000 for a second child and $800 for each subsequent child under the age of 18. The benefit will be reduced by 4% of family net income over $25,000 until the benefit is equivalent to $700 for the first child, $680 for the second child and $660 for each subsequent child. The new benefit is further reduced at a rate of 4% of family net income that is over $80,000. Both net income thresholds will be indexed to inflation.