2015 brings with it a new year full of fresh opportunities and outlooks…and fees and taxes. Here’s a look at just how much more it is going to cost to live in B.C. in 2015.
Open your wallets for 2015: “It will be another expensive year for taxpayers, as we hand over more money to government, says Jordan Bateman, B.C. Director for the Canadian Taxpayers Federation (CTF).
The CTF breaks down six major cost increases that reflect services and fees faced by residents in British Columbia.:
- The Medical Services Premium tax increases $96 for families of three or more; $60 for couples; and $23 for individuals on January 1.
- BC Hydro will raise electricity rates 6 per cent on April 1, 2015 – approximately $72 for the average home.
- ICBC is expected to raise basic auto insurance in 2015 – roughly $36 for the average car.
- Cities are still working on their budgets, but Surrey has announced a $162 property tax hike for an average home, and Vancouver is looking at a similar increase.
- BC Ferries has announced a 3.9 per cent fare increase for 2015.
- EI and CPP taxes are going up $23 in 2015.
There’s also the possibility in Metro Vancouver that a 0.5 per cent sales tax increase will be approved by voters in order to raise funding for transit projects.
Families will find some relief in their bank accounts this year, thanks to a federal increase in the Universal Child Care Benefit (UCCB) and the introduction of the Family Tax Cut option.
Featured image: Canadian money via Shutterstock