Wringing more out of your wallet
A look at some of the tax and fee hikes coming for British Columbians in the new year
Get your wallets and chequebooks ready. As British Columbians ring in the new year, they can expect to shell out more for insurance, health premiums, taxes, transit and other fees.
“It’s going to be another Debbie Downer year for taxpayers,” said Jordan Bateman, the B.C. director of the Canadian Taxpayers Federation, which released its annual report Wednesday on the impact of rising tax costs on Canadian households.
There will be some savings from the federal government because of changes in Employment Insurance premiums and the Canada Child Benefit, but that relief will be clawed back by rising provincial and municipal tax and fee hikes, Bateman said.
What’s going up in 2017?
$24 more | Monthly transit passes for a year
TransLink plans to increase its single-use fares by 10 cents starting July 1, while monthly passes will go up by $2. The fare increases, the first since 2013, is part of a 10-year plan to improve transit in the region, TransLink said.
Property owners will also see a small increase — about $3 for the average homeowner — in their property taxes allocated to the transit authority.
$42 more | Hikes in premiums for the average driver
Basic insurance rates are expected to go up by 4.9 per cent starting in January, said ICBC, which is facing more claims for crashes and injuries and higher costs for vehicle repairs.
$44-$49 more | Electricity cost per household
It’s going to cost more to keep the lights on in 2017. B.C. Hydro rates are going up 3.5 per cent starting April 1, while Fortis B.C. customers will see a 2.76 per cent increase on their electricity bill starting Jan. 1.
$136-$150 more | MSP premiums per couple
It’s a mixed bag for Medical Services Plan premiums in the coming year.
Couples earning more than $45,000 a year and senior couples making more than $51,000 a year will see a 10 per cent hike in their premiums, but low-income families and single-parent households will get some relief.
$420 more | Annual food expenses for average Canadian family
Canadians can expect to fork over more for their groceries in 2017, largely because of a weaker Canadian dollar, according to Canada’s Food Price Report released earlier this month by Dalhousie University.
The highest price jumps will be for meat, vegetables, fish and seafood (as much as six per cent). Prices for dairy products, eggs and cereal are expected to remain stable.
3.9 per cent | Property taxes increase in Vancouver
The City of Vancouver originally proposed a 3.4 per cent property tax hike for Vancouver.
Earlier this month, council approved a 0.5 per cent increase on 2017 property taxes to help combat the fentanyl crisis. The fentanyl crisis levy works out to an extra $4 for the average strata unit and $11 for the average detached house.
1.9 per cent | Possible increase to B.C. Ferries fares
B.C. Ferries has the B.C. Ferries Commissioner’s permission to raise fares by 1.9 per cent in 2017, but have made no announcement to do so. Any fare hikes will be announced before they take effect on April 1.