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| EST. READ TIME 1 MIN.B.C. government tax changes will cost average family nearly $1,000 per year
Impact of Provincial Tax Changes on British Columbian Families
Summary
- Since assuming power in July 2017, British Columbia’s NDP government has enacted or announced several significant tax increases. These include increases in personal income taxes, carbon taxes, and business taxes. In addition, a new payroll health tax has been created in place of the remaining MSP premiums and a variety of residential property taxes have been instituted or raised.
- Collectively, these tax increases are expected to add a further $2.45 billion to the tax burden of British Columbians.
- Once the tax changes are fully implemented, the average family's tax bill will increase by a total of $959, not including tax increases on residential properties.
- British Columbia families across the income spectrum can expect to pay more in taxes. Specifically, the increase in total taxes ranges from $199 for an average family in the $20,000 to $50,000 income group (after accounting for the enhancement to BC’s climate action tax credit) to $1,754 for an average family in the $150,000 to $250,000 income group. This analysis excludes property tax increases.
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Milagros Palacios
Director, Addington Centre for Measurement, Fraser InstituteMilagros Palacios is the Director for the Addington Centre for Measurement at the Fraser Institute. She holds a B.S. in IndustrialEngineering from the Pontifical Catholic University of Peru and a M.Sc. in Economics from the University of Concepcion, Chile. Ms. Palacios has studied public policy involving taxation, government finances, investment, productivity, labour markets, and charitable giving, for nearly 10 years. Since joining the Institute, Ms. Palacios has authored or coauthored over 70 comprehensive research studies, 70 commentaries and four books. Her recent commentaries have appeared in major Canadian newspapers such as the National Post, Toronto Sun, Windsor Star, and Vancouver Sun.… Read more -
Charles Lammam
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Brennan Sorge
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Niels Veldhuis
President, Fraser Institute
Niels Veldhuis serves as President of the Fraser Institute, Canada’s most influential think tank.In his over 20-plus-year career in publicpolicy, Niels has authored six books and more than 50 peer-reviewed studies on a wide range of economic topics. In 2011, he was awarded (along with his co-authors) the prestigious Sir Antony Fisher International Memorial Award for the best-selling book, The Canadian Century.Highly regarded for his opinions and perspectives on major economic and social issues, Niels appears regularly in the media across Canada and the United States. He has written hundreds of commentaries that have appeared in over 50 newspapers, including the Globe and Mail, Wall Street Journal, National Post, and The Economist.Known for his ability to explain matters of economics and government policy in a down-to-earth and easily understood manner, Niels travels widely across North America. His speaking engagements extend to diverse audiences, including business groups, corporate gatherings, community organizations, and students.Niels has had the privilege of sharing the stage and moderating discussions with prominent business and political leaders from around the world. Notable individuals include Prime Minister Stephen Harper, Prime Minister Brian Mulroney, and BC Premier Gordon Campbell. He has also moderated discussions with distinguished Canadian journalists such as Chantal Herbert, Andrew Coyne, and Rex Murphy, as well as diplomats such as Canada’s Ambassador to China and Israel’s Ambassador to Canada. Niels moderated a discussion between United States Presidents Bill Clinton and George W. Bush in 2011 and has facilitated conversations with impactful authors like Mosab Hassan Yousef (author of "Son of Hamas") and Lord Conrad Black.Niels Veldhuis is an alumnus of Simon Fraser University, was one of Vancouver’s Top 40 under 40 by Business in Vancouver in 2010, and is a member of the Young Presidents’ Organization (YPO).… Read more