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New year brings tax increases, hikes to CPP and EI premiums

LOWER MAINLAND (NEWS1130) – The new year brings such promise, but it also comes with a hit to your wallet.

As of midnight, municipalities, the province and the federal government all raised taxes and fees.

It starts at the local level with property taxes; virtually every municipal government in Metro Vancouver approved tax hikes. The increase varies, depending on where you live.

Then, the provincial government upped health care premiums. MSP premiums will now eat another $60 out of the bank account for a family of four, according to the Canadian Taxpayers Federation.

The feds are getting in on the action, too; you’ll find more of your paycheque eaten up by boosts in Canada Pension Plan and Employment Insurance premiums. If you make more than $47,000, the increases will cost you another $125.