According to a CBC article (see the segment below), provincial costs are going up, but those increases should be “balanced” by a decrease in federal costs. The average B.C. resident can expect to pay $100 more in provincial fees and taxes next year, but they may get much of it back in federal tax cuts. Another CBC article notes that the weak dollar will result in increase food costs in 2016 (see Resources below).
Following is a segment of their article with the anticipated cost increases. To read more, refer to the full article referenced in Resources below.
B.C. rates up in 2016, but ‘vast majority’ will pay less tax
While the fed’s are cutting taxes for many, almost everybody in B.C. will feel increases in provincial fees and rates.
BC Hydro, ICBC, BC Ferries and Medical Services Plan are all expected hike rates in 2016.
Medical Services Plan premiums — the amount paid over a year — increase in Jan, 2016.
- $72 for a family of three or more.
- $66 for couples.
- $36 for individuals.
MSP rates have risen 39 per cent since 2009, increasing from $108 per month for families with children to $150 per month starting in 2016.[sam id=”15″ codes=”true”]The CTF has a petition urging Premier Christy Clark to “Freeze the MSP Tax.”
Property assessments are expected to skyrocket in parts of B.C., especially Greater Vancouver, but it will remain up to municipalities to set their tax rates. Vancouver has already voted to raise taxes by 2.3 per cent.
B.C. Ferries will raise fares 1.9 per cent beginning April 2016, for each of the next for years.
ICBC filed an application for a rate hike of 5.5 per cent — an average of $3.70 per month for customers — in October 2015.
B.C. Hydro is planning to increase rates four per cent in 2016, and 3.5 per cent for 2017.
MSP rates will be going up from from $144 to $150 for a family of three or more, and incomes more than $30,000. Premium assistance rates will stay at 2015 rates.
For a while, three Canadian provinces required health care premiums: Ontario, Alberta and BC. In 2009, Alberta eliminated premiums. Ontario collects health premiums through provincial income tax. BC is currently the only province that bills individuals monthly. Under the Canada Health Act, however, health services cannot be denied due to financial inability to pay premiums.
- Full CBC article: B.C. rates up in 2016, but ‘vast majority’ will pay less tax
- Another CBC article: Food prices set to rise in 2016 as weak loonie takes a bigger bite
- Petition urging Premier Christy Clark to “Freeze the MSP Tax.”
- Federal tax cuts
- MSP Rates
- The Health of Canadians – The Federal Role Final Report Volume Six: Recommendations for Reform