A new month is upon us and with it comes some tax increases.
Starting April 1st, it will be more expensive to fill up your vehicle in BC and pay for beer, wine and other alcohol.
fuel prices
In a few days, the CO2 tax will increase by another three cents per liter of petrol. This brings the total amount of CO2 tax per liter to 14.31 cents.
There are also other taxes depending on where you live in the province. If you fill up in Vancouver, you already pay around 38 cents per liter state taxes – even before this upcoming increase.
And this won’t be the last time motorists will see a crack at the gas pump.
“That means every liter of gasoline will increase by 3 cents each year for every $15 per ton increase … until it hits $170 in 2030 — in line with federal requirements,” BC’s Treasury Department told Daily Hive over the predicted triple increase over the next seven years.
Sale of spirits
Meanwhile because of the federal government annual consumption tax adjustmentCanadians pay slightly more for spirits.
According to the law, the excise tax is adjusted every year on April 1 according to the consumer price index (also known as inflation).
Due to high inflation, the state alcohol consumption tax will increase by 6.3% this year.
This increase applies only to the tax itself – not to the total cost of the product.
Financial relief
Late last week, FortisBC announced customers will be getting a pause on their bills this spring.
Also, to offset the ongoing impact of global inflation, many British Columbians can expect to have some extra cash in their bank accounts.
The upcoming BC Affordability Credit payment in April will be up to $164 per adult and $41 per child, or about $410 for a family with two children, according to the province.
Approximately 85% of British Columbia residents will receive an additional full or partial payment as early as April 5, 2023, just as they received January’s BC Affordability Credit.
If you are from British Columbia and are eligible for the credit, you will receive it automatically.
