Watch your finances sweat this July in BC thanks to these increases

Got expensive summer plans? There’s a chance you will be buying the no-name popsicles or taking your bike out of storage this month to offset the costs of living in BC.

Some taxes and fees change this month, which will likely affect a good chunk of those living in the province at a time when every dollar counts.

From transportation to credit union fees to property taxes and more, we’ve rounded up all the ways you will pay more in July.

The weather isn’t the only thing overheating around here.

TransLink

The long weekend left more than sunburns in its wake – a 2.3% fare increase came into effect on July 1 for TransLink customers. That hike means an adult single-trip fare for one-zone is up by $0.05 from $2.50 to $2.55, while two-zone and three-zone are up by $0.10 to $3.75 and $4.80, respectively.

TransLink’s R4 41st Avenue RapidBus in Vancouver (Kenneth Chan/Daily Hive)

But if you aren’t using a Compass card, expect an even bigger increase. For single-trip rides paid with cash, credit card, debit card, mobile wallet, or from a Compass ticket vending machine, fares will increase by as much as $0.15.

For adult monthly passes, fares will rise by $2.35-$4.25, depending on the zone.

Read more here.

Property tax

Homeowners are going to be feeling the sting after paying a massive increase to their property bills to the City of Vancouver this month. July 5 is the last day to pay the 2023 main tax, which jumped to 10.7% this year.

It’s also the deadline to claim your homeowner grant and complete your deferment application or renewal to avoid a 5% penalty on your unpaid balance.

A gloomy new report also shows the city is on track to see a 9% increase yearly until 2028 to balance the books. Yikes!

For those in Surrey, same same but different.

“You will be charged a 5% penalty if you do not pay your property taxes by midnight, July 2. You will be charged a further 5% after September 2,” the City of Surrey’s website reads in part.

Surrey City Hall (City of Surrey)

Council voted earlier this year for a 12.5% property tax increase, the biggest jump out of all the municipalities in the region, but it was less than the proposed 17% to offset policing costs and other high-price budget items.

Expanded Municipal and Regional District Tax (MRDT)

In addition to the provincial tax of 8% on short-term accommodation, more and more places are throwing on the MRDT tax on your hotel or Airbnb stay, and that list has expanded again. The Strathcona Regional District Electoral Area B, which includes Cortes Island, just added 3% to the bills for visitors.

The areas in orange have a 2% MRDT tax in effect (bc.gov.ca)

A look at the places that have a 3% MRDT tax in effect for accommodation (gov.bc.ca)

The stunning West Coast destination spot is about 40 km off the coast of Campbell River, and money collected from the tax is aimed at raising revenue for tourism marketing.

Cortes Island, in the Discovery Islands, is a stunning destination for ocean lovers (vancouverisland.travel)

Vancouver already has this tax in place, with the purpose of fundraising for the upcoming FIFA World Cup.

Coast Capital Savings

Coast Capital Savings/catnews (Shutterstock)

Still getting a paper statement for your business accounts? Those using the credit union will notice an extra $1.50 charge for those, now $4.50. Plus, wire transfers and US and foreign bank drafts are also going up.

“We periodically review our products and services to make sure they’re relevant to our members at prices that are fair and competitive,” Coast Capital wrote in its statement to customers.

But it’s not all bad. There are a few ways you can save money this month.

A break on the bills for FortisBC customers

Will Hughes, Director, School of Engineering at UBC Okanagan, speaks with broadcaster Jill Krop about hydrogen research (FortisBC)

Customers will pay less for utilities as the company has decreased prices by $1 to $3.159 per GJ for all gas customers. That means the average residential customer could expect to save about $7.50. This is the second time the utility company has lowered its rates in 2023.

While FortisBC is lowering rates, BC Hydro is not.

“We have some of the lowest electricity rates in North America, and we also offer many bill help options. In fact, adjusting for inflation, electricity in BC costs the same today as it did back in 1978, and our most recent rate application marks a period of the lowest rate increases in 15 years,” a spokesperson for BC Hydro told Daily Hive.

Adding that customers received a bill credit earlier this year of $100 to help manage expenses as inflation climbs.

What are you spending more on this month? Let us know in the comments.

With files from Kenneth Chan, Sar Anderson, and Nikitha Martins