Advertisement

Tax changes coming as of January 1st: CTF

Photo Credit: Canadian Taxpayers Federation
Advertisement

FORT ST. JOHN, B.C. – The Canadian Taxpayers Federation (CTF) has released a report that is sent out every year, outlining the new year’s tax changes that will happen in B.C. and across the country as of January 1st.

The two main federal changes are to Employment Insurance (EI) premiums which will result in tax savings of up to $132 for employees and $185 for employers, and the first full year of the means-tested Canada Child Benefit (CCB), which is also tax-free.

MSP in B.C. will see a bump in the price you already pay but there will also be a drop in price for some. Any couple without children making more than $45,000 will pay $168 more this year. Any senior couple making more than $51,000 will pay $168 more this year. However, some households will see MSP go down, including singles making less than $42,000, couples making less than $45,000, senior couples making less than $51,000, single parent families, and families with kids making less than $51,000.

When it comes to ICBC, The average driver will pay $42 more this year for basic insurance and $18 more for optional insurance. This is set to take place on January 16th.

In April, a customer will pay $49.32 more on average this year to B.C. Hydro.

The Canadian Taxpayers Federation has also calculated tax impacts for families in 2017. You can view the full report at: http://www.taxpayer.com/media/2017-NYTC.pdf

Advertisement