Fraser Valley – Death and taxes. The old saying about the constant of life.
For 2019, the part about the taxes is constant, you will pay more for items and services. In a nutshell, the New Year will include:
British Columbia businesses will have to swallow the province’s new Employers Health Tax (EHT) starting on January 1. The tax is being put in place to cover the costs of Medical Service Plan premiums, but those premiums don’t go away until January 1, 2020.
FortisBC had a rough year after the explosion and damage to the Enbridge Natural Gas pipeline. Natural gas prices will going up about $68 more a year for the average annual usage.
The always unpopular to talk about carbon tax will go up from $35 a tonne to $40 a tonne on April 1. This will have a direct affect on what you pay at the pump.
ICBC rates will also go up at the beginning of April, with a basic rate increase of 6.3 per cent.
The maximum pensionable earnings under the Canada Pension Plan (CPP) for 2019 will increase to $57,400 (from $55,900). The employee and employer contribution rates for 2019 will increase to 5.1% (up from 4.95%), and the self-employed contribution rate will increase to 10.2% (from 9.9%).
BC will get another telephone area code to handle the ever increasing demand from smart phones, androids and the like. The new code – 672 – will join the ranks fo 604, 250, 778 and 236.