Tuesday , August 3 2021

2019 tax increases: from gas to pension, B.C. residents will pay more



At midnight, it will become more expensive to live in B.C.

The carbon tax, gas tax, and health care premiums are under way, and while residents will pay less in some areas, they will still pay more in full.

As the calendar turns 2019, governments will seek to generate more revenue.

How much more will you pay?

The Federation of Canadian Taxpayers published the average of a person in BC earning $ 30,000 a year will pay an extra $ 85 over the last year, while someone who earns $ 60,000 to $ 90,000 will pay less than $ 50.

The two-income family of $ 60,000 will pay only $ 26 more, while the family that will bring $ 200,000 will pay an additional $ 78.

The only group investigating the CTP, which will pay less in 2019 than in 2018, are families with two incomes with less than $ 30,000. The Federation estimates it will pay about $ 670 less in 2019.

Looking at where these estimates come, CTV News chose the example of a two-income family with about $ 120,000 a year. The family will pay an additional $ 196 for the Canada Pension Plan, but will pay $ 34 less for employment insurance, according to the CTF.

They will also pay $ 33 less for federal income tax, $ 11 less in provincial income tax, and $ 23 less for their SMEs.

With all increases and cuts, they will pay about $ 94 more than the next year in BC, slightly less than the national average of $ 98.

The full report is available online.

Other taxes and increases

B.C. the government will begin by gradually removing SME premiums, replacing them with a new employer's tax tax (EHT). The change means businesses, and even municipal governments now have to bear the costs for their workers.

"Of course, we know that City Hall does not generate its own money, it takes money from property taxpayers," said Chris Simms, BC. Director of CTF.

"So many people will be surprised at the increase in their property tax this year."

The city of Vancouver cited ETT as a reason for increasing property taxes by 4.5 percent.

In addition to others increases and decreases, B.C. property holders worth between $ 3 million and $ 4 million will pay an additional 0.2 percent of school fees to a portion of their home over $ 3 million.

For example, homeowners of $ 3.5 million will be subject to an additional tax of $ 500,000.

Those with high-value homes will pay 0.4 percent tax on part of their property worth more than $ 4 million.

The increase is not without controversy. Earlier this year, the "wrong" notifications were sent to residents of Tony Gray's Vancouver neighborhood, and the meeting on spring income was delayed due to security concerns.

And starting from April, the carbon tax goes from 35 to 40 dollars per tonne. The initiative adds about 8.9 cents for each liter of petrol purchased in BC, says the CTF.

TransLink's tax is also increasing from 17 cents to 18.5 cents per liter of gas purchased at Vancouver Metro.

With a report by Ben Millier from CTV Vancouver


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