Your take-home pay will likely be smaller starting Wednesday
Posted December 30, 2013 1:58 pm.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – The new year is bringing some federal and local tax hikes.
Jordan Bateman with the BC chapter of the Canadian Taxpayers Federation says EI will go up about $25 a year for the average person, with CPP rising by $75.
For people living in BC, a rise in BC Hydro and ICBC rates is coming. Bateman notes MSP will also go up about $60 a family.
He says there’s not much people can do about it. “You need electricity, you need to insure your car, MSP is the law so you can’t get out of that. It’s going to be very difficult especially for people on fixed income. If you get a raise this year you’re quite lucky because you can probably help cover off some of those expenses.”
The toll for the Port Mann Bridge is also set to double. And for people using TransLink’s employer discount program, that stops Wednesday.
“The problem is these things all compound on top of each other,” says Bateman.
