As we welcome the new year, many Canadians are facing increased taxes and fees across various aspects of their lives.
Some of the notable changes include FortisBC raising rates for electricity and natural gas effective January 1. BC Hydro, on the other hand, will be implementing a 3.75% rate hike on April 1.
Residents can expect to see their electricity bills rise by around $5 per month and gas bills increase by $11 monthly.
Furthermore, transportation costs are also on the rise. BC Ferries will be raising fares by an average of 3.2% in April, while TransLink is set to increase transit fares by approximately five per cent starting in July.
In addition, contributions to the Federal Canada Pension Plan and Employment Insurance will see an increase. Individuals earning over $85,000 will have to pay an extra $262 per year in mandatory contributions. On a positive note, the income tax rate is being reduced from 15% to 14% by the federal government.
Municipal tax increases are slated for July, with the extent of the increase varying across different municipalities.
However, amidst these changes, there is a silver lining for renters in British Columbia. The provincial government has capped the maximum allowable annual rent increase at 2.3%, down from the previous three per cent limit.