Fraser Institute News Release: B.C. government tax changes will cost average family nearly $1,000 per year

  • Page Views 668
  • VANCOUVER, British Columbia, Sept. 19, 2018 (GLOBE NEWSWIRE) — The average family in British Columbia will pay $969 more a year in taxes due to the B.C. government’s tax changes, finds a new study released today by the Fraser Institute, an independent, non-partisan Canadian public policy think-tank.

    “While the government claims it is making life more affordable for B.C. families, its tax changes mean the average family in B.C. will pay nearly $1,000 a year in higher taxes—that’s a significant amount of money,” said Niels Veldhuis, president of the Fraser Institute and co-author of Impact of Provincial Tax Changes on British Columbian Families.

    The study finds that the totality of the government’s tax increases—assuming the carbon tax increase and new payroll health tax are fully implemented—will add $1.9 billion to the tax burden of British Columbians. Using the Fraser Institute’s Canadian Tax Simulator, the tax bill for the average B.C. family—with an income of $114,809 in 2018—will increase by $929 a year, driven largely by a $498 increase in fuel and carbon taxes and $360 in payroll and health taxes.

    Crucially, the analysis does not include several residential property tax increases, such as the increased property transfer taxes, the foreign buyers tax, the speculation tax and the school tax, which together total more than $500 million in increased taxes.

    Of course, some families with average incomes will be affected by these tax increases, including situations where they experience substantial appreciation in the value of their homes, or where property tax hikes result in higher rental prices for renters, in an already tight rental market.

    “The evidence is clear—even excluding the increased residential property taxes, the average B.C. family is facing a significant tax hike as a result of this government’s tax changes,” Veldhuis said.

    Share

    New Posts Recently publish post More

    • 15 February 2019
      3 days ago No comment

      Former Miss Universe Dayanara Torres diagnosed with skin cancer

      Dayanara Torres, 44, reveals that she has skin cancer. The former Miss Universe titleholder took to her social media accounts to announce the sad news that she has been diagnosed with melanoma, a form of skin cancer. It is said to be the “most dangerous form of skin cancer,” ...

    • 15 February 2019
      3 days ago No comment

      The Kid Who Would Be King (PG)

      Regal Awakening! On occasion I go into deep thought as to what parental rating I should give a movie. Hardly ever do I pay much if any attention what the local censor boards levy on films since often I regard these people as simple government bureaucrats who are a ...

    • 15 February 2019
      3 days ago No comment

      ‘Jesusa’ meant for Sylvia Sanchez

      It did not take long for Sylvia Sanchez to say yes once she learned of the project “Jesusa” from writer and director Ronald Carballo. The writer-director was forthright, she said. She knew from the get-go that she was not the original choice. It did not matter to her. She ...

    • 15 February 2019
      3 days ago No comment

      Bong says showbiz remains his first love

      Despite his bid to return to politics, former action hero Bong Revilla maintained he won’t be turning his back on showbiz. “Showbiz is my first love. Bread and butter ko ang pelikula at telebisyon. Ito ang bumubuhay ng pamilya ko. Tuloy-tuloy ang paggawa ko ng pelikula, tuloy ang paglabas ...

    • 15 February 2019
      3 days ago No comment

      BBC praises ‘incredible vocal skill’ of TNT Boys

      The TNT Boys, composed of Kiefer Sanchez, Mackie Empuerto and Francis Concepcion, have caught the attention of media giant BBC. On Tuesday, the BBC posted a video titled “TNT Boys: The teen tribute act captivating the Philippines.” “The TNT Boys’ blend of tribute act, drag performance and incredible vocal ...

    %d bloggers like this: