While the new year brings with it a variety of expectations, there is one thing BC residents can be sure of, at least: It will cost more to live in this province in 2019.
That’s the latest from a new report by the Canadian Taxpayers Federation, which breaks down the costs, and cost increases for people living and working in BC.
Among those costs are things like an increase to BC’s carbon tax, which currently sits at $35/tonne, but will climb to $40/tonne on April 1, 2019. As result, the province’s carbon tax on gas will increase from 7.78 ¢/L to 8.89 ¢/L.
BC Budget 2018 announced the end of the Medical Service Plan (MSP) effective January 1, 2020.
To replace the revenue, the government introduced an Employer Health Tax, which took effect on January 1. Now, both taxes will be collected, while the MSP rates remain the same as they were last year.
In total, the report found that the average person, living by themselves on a $30,000 annual income will spend $85 more than last year, while a person earning between 60,000 and $90,000 will see an increase of less than $50.
For a two income family making $60,000, the costs will amount to $26 more, while a two-income family earning $200,000 will pay $78 more.