Monday, April 2, 2018

New Tax Increases part of your budgeting burden as April gets underway

April 1st brought a range of new
taxation  measures in place in BC
Smart consumers spent March 31st taking care of the essentials of the weekend, as April 1st loomed on the horizon over the weekend and with it a range of tax increases taking effect on a number of goods and services in British Columbia.

Gas prices will see an uptick of 1.2 cent per litre as the carbon tax program moves ahead, the first of what will be a number of similar increases to be phased in four times a year, over the next few years.

Taxes on gas at the pumps
went up on April 1st
The carbon tax is just the first of what industry observes suggest will be a summer of price shocks related to a range of issues that affect the price of gas in the province.

If you can't afford the gas increase, you probably can't afford a luxury car, but if you can, the price of luxury is now at least 5 per cent more, with the taxes on luxury cars now at 15 - 20 percent depending on how high end you want to go.

The same goes for high end housing with the province's somewhat controversial "speculation tax"

Cigarette smokers were buying in bulk on the 31st as the price per cigarette went up 2.8 cents or 56 cents per package. Those who buy by the carton can put aside another $5.60 for their future purchases.

It's also going to cost a bit more
for your favourite alcoholic beverage
Alcoholic beverages also take an additional 1.5 percent in federal tax, with more to come based on the rate of inflation on an annual basis.

Provincial licensing fees for home Inspections also are on the march upwards, with a 36% increase now in effect.

BC Hydro costs have also taken a jump, with the BC Utilities Commission moving forward with a planned three percent increase in effect April 1st, having turned back an attempt to freeze the rates by the NDP government back in March.

You can review the schedule of changes as of April 1st for all areas under provincial control from the BC Government website

Some reviews of the hit to your pocket book can be found below:

No April Fool's Joke: New B.C. taxes and fees go into effect today
No April Fool's Joke: Canadian Alcohol taxes increase 1.5 per cent
B.C. tax hikes on gas, luxury cars, tobacco
Taxes go up on fuel, booze and cigarettes on April 1
Carbon tax increasing Sunday and other things that will coast you more starting April 1st
Throng of tax, fee and rate hikes further raise cost of living in BC
The Taxman cometh and you will pay more starting April 1

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