2017 will be a bit more expensive with several tax changes taking effect.
Jordan Bateman with the Canadian Taxpayers Federation says the biggest jump involves Medical Service Premiums.
“If your a couple without kids and you make more than $45,000 a year you’re going to pay $168 dollars more this year for MSP tax and if you’re a senior couple making more than $51,000 a year you will be paying the same amount.”
However, some households will see MSP rates go down including single people making less than $42,000, couples bringing in less than $45,000 per year and single parent families earning less than $51,000 annually.
Two additional increases will also bug provincial residents according to Bateman. “ICBC is going up 42 dollars for basic insurance for the average driver but for some people it will be a whole lot more and then BC Hydro is going to be 50 bucks more for the average residential customer.”
On the flip side, the federal government is making changes to Employment Insurance premiums which will result in $132 in savings for employees.
The CTF is of the opinion cost of living should be the most important topic during next year’s BC Election.
Bateman believes the last couple of years have gotten out of hand while under the watchful eye of the Christy Clark Liberals.
“Whether its your MSP tax or your provincial tax rate, housing also fits in to that cost of living bucket as well and with so many things going on in British Columbia over the past year with people feeling genuinely stressed about being able to afford all the different things they’re being asked to pay.”