Expect changes to cost of certain expenses in BC this New Year

By

VANCOUVER (NEWS 1130) – If budgeting is one of your New Year’s resolutions, you’re probably wondering whether some of your key expenses will cost you more or less.

As of January 1st, you’ll only have to pay for half of what your Medical Services Plan premium did in 2017.

This comes as the BC NDP follows through on a campaign promise to slash rates, and is part of the party’s pledge to get rid of MSP premiums completely within four year.

“MSP premiums are unfair and place a significant burden on British Columbians,” Finance Minister Carole James said in a release. “I’m proud that we are moving away from these regressive fees and creating a more equitable system by eliminating MSP premiums entirely within four years.”

But, you’ll probably be putting some of that saved cash toward groceries, as Canada’s Food Price Report finds you’ll most likely be paying more for things like vegetables.

They, along with the food you buy while eating at a restaurant, are expected to see the highest rate increase this New Year. Researchers say the price of vegetables is mostly driven by “unaccommodating climate patterns,” and is expected to rise by about four to six per cent.

Meanwhile, an average family will likely spend around $208 when dining out.

For those of you paying BC Hydro bills, rates have been frozen completely by the provincial government which means the hike of about three per cent will not go ahead as planned in 2018.

In a November release, the Minister of Energy, Mines and Petroleum Resources announced the province was “putting an end to the years of spiraling electricity costs that have made life less affordable for BC homeowners and renters.”

This move, the NDP said, was to allow the government to complete a comprehensive review of the utility provider, while giving British Columbians a break on their bills.

And if you’re a homeowner around the Lower Mainland, you’re going to want to keep an eye out as property assessment notices are mailed out in early January and posted online on the 2nd.

Earlier this year, Metro Vancouver assessments rose about 30 per cent. According to the BC Assessment, property taxes are determined by your local municipality and are based off of the assessment value provided by the agency.

Top Stories

Top Stories

Most Watched Today