VANCOUVER (NEWS 1130) — New taxes and some tax hikes are expected to impact you and your wallet in the new year.
Kris Sims with the Canadian Tax Payers Federation says next year will cost more than ever because of a string of new taxes, which she says will just add more strain on taxpayers who are already struggling with unaffordability.
“Unfortunately for tax payers, we are going to be facing some pretty steep tax hikes in the new year,” she says. “Taxes are going up in most ways you can turn next year.”
Those taxes include the Employer Health tax, the carbon tax hike, increase in TransLink gas tax and new school tax.
The Employer Health tax targets businesses and employers with a payroll of more than $500,000, which applies to municipal workers as well.
“They’re now subject to this brand new employer health tax, and of course, that money needs to come from somewhere,” Sims says. “Unless these city councils are able to find budget savings and budget cuts, they’re going to jack up property taxes.”
Those taxes will also be a blow to business owners, she says.
“Your property taxes could be going up, based on the city you live in, and then the property tax for the building that you do your business out of is going to get an extra property tax hike too.”