VANCOUVER, B.C.: The Canadian Taxpayers Federation is releasing its annual New Year Tax Changes report for 2024, to highlight some of the major tax hikes that will impact British Columbians and people across Canada in 2024.
“The province and feds are going to make it harder to get by in 2024,” said Carson Binda, British Columbia Director for the Canadian Taxpayers Federation. “Hiking taxes to pay for big spending by politicians is the opposite of what we need to see while families are tightening their belts.”
The report released by the CTF highlights major tax changes from the federal and provincial governments in 2024. The B.C. government’s tax hikes include:
The first provincial carbon tax will increase from 14 cents to 17 cents per litre of gas on April 1, 2024. That’s on top of the second provincial carbon tax which costs drivers about 17 cents per litre, which means drivers in B.C. will be paying 34 cents per litre of gasoline in provincial carbon taxes alone.
The provincial government is expanding its speculation and vacancy tax to 13 new communities.
The federal government is also increasing the tax burden that Canadians from coast to coast will bear in 2024, including:
Canadians will pay up to $347 more in payroll taxes due to increases to Employment Insurance and the Canada Pension Plan.
The escalator tax on alcohol will raise the federal taxes on beer, wine and spirits by 4.7 per cent in 2024. This change will cost taxpayers $100 million in 2024-25 while hurting British Columbia’s craft breweries and vineyards.
“The province and feds should be cutting taxes and leaving more money in Canadian’s pockets in 2024,” said Binda. “Instead, they’re using the new year to binge on taxes while leaving Canadians to deal with the massive hangover.”
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