HomeEconomyNew tax changes for British Columbians in 2023

New tax changes for British Columbians in 2023

With a new year comes a new year tax adjustment. Here are the 2023 tax hikes and new taxes coming to British Columbians.

An annual report released by The Canadian Taxpayers Federation highlights the more notable tax changes coming to British Columbians in 2023.

“Tax hikes will give British Columbians a hangover in the new year,” said Carson Binda, B.C. Director with the CTF. “Taxpayers can’t afford gas or groceries and politicians are making things worse by hiking taxes.”

Carbon tax

These noted carbon tax changes are for gasoline, diesel and natural gas, which could in turn cause prices of products and food to increase.

On April 1, 2023, the carbon price in British Columbia will increase from $50 per tonne to $65 per tonne. The price of the carbon tax will be 14 cents for gasoline, 17 cents for diesel, and 12 cents for a cubic metre of natural gas.

  • Gasoline tax: CPT says it will cost $11 in taxes for residents to fill their minivan type vehicles and $14 in tax for pickup trucks. This will cost drivers $930 in 2023 just to pay the carbon tax fueling up. Naturally the carbon tax on fuel could cause prices to increase for goods and services that require their use during any part of the supply chain stage, especially logistics.
  • Natural gas tax: The average Canadian household uses 2,385 cubic metres of natural gas per year, the carbon tax hike will cost them $280 on average.

The carbon tax in 2023 will be about $1,210 for most British Columbians.

The government does have a carbon tax “rebate” that it touts as benefitting everyone which is actually defined as the “most vulnerable” people.

British Columbia announced it will be giving residents a one-time $164 additional carbon tax “rebate” for the first quarter of 2023 and gradually deuces to absolutely nothing individuals making more than $79,376 per year.

B.C. announced a one-time $164 additional carbon tax rebate for the first quarter of 2023. This will be reduced to zero for individuals making more than $79,376.

Single people earning $44,842 or more are no longer eligible for the B.C. carbon tax rebate, according to the provincial government.

Used car tax

Normally tax is only paid on brand new stuff, the first time someone purchases it. When it comes to vehicles in B.C. ICBC use to charge tax on the price you pay for the vehicle, meaning if you got a great deal on a vehicle you paid less tax.

However the BC NDP believe if you got a good deal on a used vehicle you are doing tax evasion and ICBC is now moving to use its own price calculations for the used car tax.

In late 2022 there have reports of vehicle buyers being force to pay thousands more in provincial sales taxes because of this change in policy.

Property taxes

The price of homes in British Columbia will rise as a result of Premier David Eby’s pledge to increase taxes on properties sold within two years of purchase. A sliding scale will be used for the new tax. You pay more taxes if you sell your house quickly. After two years of ownership, the tax eventually drops to $0.

“Premier David Eby and Prime Minister Justin Trudeau should be providing relief, not hiking taxes,” said Binda. “These politicians need to stop wasting so much money and give taxpayers a break.”

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Jordan is a casual reporter for BC Rise


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