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A little bit of relief is coming to British Columbian drivers this spring.
The provincial government announced today that ICBC will be providing a one-time relief rebate of $110 to customers with a basic insurance policy.
The rebate, which the Province said will “ease the financial burden of increased gas prices caused by the invasion of Ukraine by Russian forces,” will arrive in bank accounts in May.
Anyone who doesn’t have direct deposit set up with ICBC will receive a cheque in June.
"People are facing increased costs through no fault of their own, but as a chain reaction that started with Putin's illegal war in Ukraine," said Premier John Horgan.
"As a result of our work to fix ICBC, we're in a position to put money back in people's pockets to help a little with these increased costs."
While the rebate cheque will be $110 for most, most commercial customers will receive a rebate of $165.
This is because they “generally incur higher expenses,” the Province said.
ICBC is reportedly in a position to provide these relief rebates, expected to total more than $395 million, because its forecast annual net income is reportedly $1.9 billion for the fiscal year ending March 31.
That is according to the Province, who added that the remaining income will be reinvested into ICBC’s capital reserves to ensure rates remain affordable for the long term.
Solicitor General Mike Farnworth said that the rebate “is going to help a lot of people in this province.”
However, the reaction wasn’t overwhelmingly positive from drivers, as many BC residents took to social media to express that $110 is not enough to cover the increased cost of gas.
Many also took issue with the fact that electric vehicle drivers will also get the rebate, which is meant to help drivers at the pump.
A token amount. Most vehicles now cost more than $100 to fill up a single tank.
— ★ Jim Bugg ★ (@jimbugg) March 25, 2022
Wrong move should have lowered tax per litre instead… $110 is nothing
— Chris (@HumanCattleHaul) March 25, 2022
Wow, that amounts to 20 Latte's or 9 Big Mac combo meals. What a help!
— Aaron Broomfield 🇨🇦 (@AaronBr00mfie7d) March 25, 2022
What a joke. Oil company makes billions of of us and we get 110 bucks. Yippee
— hyperlynx256 (@Hyperlynx256) March 25, 2022
Give us a tax break at the pumps! This punishes people who have to drive more. John Horgan has his head in the sand.
— Bob (@westbobcoast) March 25, 2022
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