People living in British Columbia can expect to see a lot of bills getting bigger in 2016, according to the Canadian Taxpayers Federation’s annual list of New Year’s Tax Changes.
Hydro bills, auto insurance rates, ferry fares, and Medical Service Plan premiums are all certain or likely to go up next year, according to the CTF, as are some people’s property taxes.
Fortunately, the group said most families should still have more money in their pockets overall thanks to tax breaks implemented by Justin Trudeau’s new Liberal government.
“In B.C., the feds giveth and the province and cities taketh away,” said Jordan Bateman, local CTF director. “But still it’s at least a little bit of relief for a lot of people.”
MSP rates are going up Jan. 1 by $72 annually for families of three or more, $66 for couples and $36 for individuals, the CTF said.
BC Hydro is also expected to raise electricity rates this year, though it’s unclear by how much. Bateman said it’s likely to be around four per cent, which translates to around $50 for the average household.
The Insurance Corporation of B.C. is also expected to raise the basic auto insurance rate by $44.40 for the average car, and jumps in property assessments could mean even less money in some taxpayers’ pockets.
“If it was just ICBC, people could get by – but it’s ICBC on top of Hydro on top of MSP. That starts to add up,” Bateman said.
BC Ferries has already been granted permission to hike rates by as much as 1.9 per cent next year as well, the CTF said.
