2015 Tax Increases in British Columbia

2015 Tax Increases in British Columbia

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