A number of increases in fees and taxes will make living in BC more expensive this year, says the BC head of the Canadian Taxpayers Federation (CTF).
BC residents can expect to see hikes in the rates they pay for Medical Services Plan (MSP) premiums, Employment Insurance (EI), Canadian Pension Plan (CPP), BC Hydro, Insurance Corporation of BC (ICBC) and BC Ferries.
“It will be another expensive year for taxpayers,” said Jordan Bateman, BC director of the government fiscal watchdog.
Despite the fact that these are all small increases, they all add up, said Bateman, making BC a more expensive place to live. “No wonder why BC is joked to be short for ‘Bring Cash,’” he added.
MSP premiums will rise four per cent, up to $33 for individuals, $60 for families of two and $66 for families of three or more.
EI and CPP premiums are set to increase $23.
BC Hydro is raising its electricity rates by six per cent starting April 1, part of a 28 per cent hike over the next five years. An average home will see a $72 increase for the year.
Motorists could see the cost of basic car insurance increase. ICBC applied to the BC Utilities Commission for a 5.2 per cent increase which would raise rates by close to $40 for the average car.
BC Ferries’ rates will again rise 3.9 per cent on April 1.
Bateman said there is some relief for families, though, with the federal government implementing its Family Tax Cut, combined with the Universal Child Care Benefit enhancement. Bateman said that in BC that could translate to $1,587 in federal income tax savings for a two-child, one-income, two-parent family earning $60,000 per year.
Additionally, the BC government’s early childhood tax benefit will come into effect April 1 and offer additional savings.
For more information, readers can visit the CTF’s website.
