What’s changing on April 1st?

As many get ready to take a break for the Easter long weekend, there are some changes you’ll want to take note of starting Monday if you’re responsible for the family financials.

As of April 1, there are changes to the carbon tax, BC Hydro rates, and the federal alcohol excise tax, resulting in varying costs to British Columbians.

Here’s what you need to know:

Carbon Tax

The controversial carbon tax is set to increase both in B.C. and across the country on Monday.

B.C. has its own provincial version of the tax, so it doesn’t buy into the federal program.

Provincially, the carbon tax is set to increase by about three cents per litre of gas. The Canadian Taxpayers Federation has said that will mean taxes on gasoline will be about 81 cents per litre following the hike.

B.C. and the federal government have both faced calls to scrap the increases and the tax altogether. However, on Thursday, March 28, B.C. Environment Minister George Heyman doubled down on previous remarks, saying the provincial government will be sticking with the carbon tax.

“The first carbon tax in Canada was in British Columbia and it has been effective in reducing emissions,” he said.

“What I say to British Columbians is 100 per cent of the carbon tax increase on April 1 is going back to the climate action tax credits supporting low- and middle-income British Columbians. That’s an important commitment. And at the same time, we have many, many other measures that we’re investing in that are reducing costs for British Columbians.”

Federally, the carbon price is set to increase by $15 a tonne — from $65 to $80. The increase is expected to add about three cents to the cost of a litre of gasoline.

BC Hydro

BC Hydro rates are set to increase by 2.3 per cent on April 1. This increase is part of a three-year rate application that was approved by the BC Utilities Commission.

However, the utility points out that the B.C. Electricity Affordability Credit announced in February “will more than offset this increase, which is equivalent to about one-half of the credit.”

“All residential, commercial, and industrial customers who receive the credit will pay less this year than they did last year,” BC Hydro said in an email Thursday.

“The credit will vary based on an individual customer’s annual electricity consumption from the last 12 months. On average, residential households will see a total credit of about $100. Commercial businesses and industrial customers will see a credit of 4.6 per cent – or an average of $400 or $200,000, respectively – to help reduce rising operating costs.”

The utility provider says the credits will be applied to eligible bills in installments for a one-year period starting in mid-April.

The credit is applied automatically, with no need for customers to apply.

Alcohol excise tax

The federal alcohol excise tax is set to rise on April 1 by two per cent.

The tax applies to beer, spirits, and wine. In early March, Finance Minister Chrystia Freeland announced the government was capping the annual tax increase at two per cent for an additional two years.

Prior to that, the tax was set to increase by 4.7 per cent, tied to inflation.