2015 Tax Increases in British Columbia

2015 Tax Increases in British Columbia

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The 2015 is well under way and that brings with it some tax news that you may not want to hear. Below is a look at what it will cost to live in B.C. this year.

According to Jordan Bateman, B.C. Director for the Canadian Taxpayers Federation: “It will be another expensive year for taxpayers, as we hand over more money to government.”

Here the CTF breaks down six key increases that will impact residents in BC.

  • 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.

It’s not all doom and gloom though. Families will see some benefits thanks to a federal increase in the Universal Child Care Benefit (UCCB) and the introduction of the Family Tax Cut option.

Have your say on the subject in the comments below