B.C. Hydro rates are set to potentially increase by almost 3 per cent beginning in April, pending a decision from the B.C. Utilities Commission. (File)

B.C. Hydro rates are set to potentially increase by almost 3 per cent beginning in April, pending a decision from the B.C. Utilities Commission. (File)

What will cost more in 2021 in B.C.?

Hydro, Fortis rates go up, as does minimum wage

Every year has its financial ups and downs. Though 2021 has just begun, it, too, will have peaks and valleys.

Here’s a breakdown of what is going to cost British Columbians more – and less – this year:

Minimum wage

Minimum wage is set to increase to $15.20 per hour in June 2021; this follows an upward, government-mandated trend at the beginning of every June since 2018, when minimum wage was set at $12.65 per hour.

Bus fees

In early December, the transportation ministry announced B.C. Transit and TransLink fare changes will remain capped at affordable levels until the end of March 2024, thanks to support from pandemic-related funding.

As for B.C. Ferries, there will be no fare increase as the fiscal year closes at the end of March. Meanwhile, future increases are limited to rate caps established pre-pandemic.

ICBC

ICBC recently applied for a 15 per cent decrease for basic vehicle insurance, which is a big step toward their promise to reduce insurance costs by 20 per cent. Optional insurance rates are expected to see a cut effective Feb. 1 of this year.

RELATED: Rising income, real estate tax hold B.C. deficit at $13.6 billion

BC Hydro and carbon tax

Meanwhile, B.C. Hydro has submitted a request to the B.C. Utilities Commission (BCUC) for a 2.7 per cent rate increase beginning April 2021. This follows a 1 per cent decrease announced in April 2020 that cut average residential bills by $16 per year. Natural gas rates will see a significantly sharper increase as the BCUC approved a 6.59 per cent hike, coming off of a 2 per cent increase the previous January.

The provincial carbon tax is scheduled for an increase from $40 to $45 per tonne of carbon dioxide equivalent (tCO2e)starting in April 2021 with an additional $5 increases per tCO2e the following year.

RELATED: Carbon tax increase April 1

Other costs and fees

Two other tax changes are slated to take effect in April, including eliminating PST exemption for carbonated beverages containing sugar or natural and artificial sweeteners and new PST regulations for e-commerce businesses based outside the province.

– With files from Tom Fletcher


 

@ashwadhwani
adam.louis@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Finance

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

A health-care worker prepares a dose of the Pfizer-BioNTech COVID-19 vaccine at a UHN COVID-19 vaccine clinic January 7, 2021. THE CANADIAN PRESS/Nathan Denette
Employers might be able to require COVID-19 vaccination from employees: B.C. lawyer

‘An employer must make the case’ using expert science, explains lawyer David Mardiros

The COVID-19 outbreak at the two Coastal GasLink workforce lodges has officially been declared over. (Lakes District News file photo)
COVID-19 outbreak at Coastal GasLink worksites declared over

In total, 56 cases were associated with the outbreak in the Burns Lake and Nechako LHAs

Toronto-based director Michelle Latimer was recently scrutinized after years of claiming she was of Algonquin and Metis descent. (CANADIAN PRESS/Chris Young)
Haida activist calls for hefty fines, jail time against those who claim to be Indigenous

Filmmaker Tamara Bell proposing the Indigenous Identity Act – to dissuade ‘Indigenous identity theft’

Brett Alexander Jones is wanted on several warrants province-wide, in connection with multiple charges. Jan. 21, 2021. Kitimat RCMP photo
Kitimat RCMP searching for man wanted on several warrants province-wide

Jones is described as a five-foot 10-inches Caucasian man, with blond hair and blue eyes.

Terrance Josephson of the Princeton Posse, at left, and Tyson Conroy of the Summerland Steam clash during a Junior B hockey game at the Summerland Arena in the early spring of 2020. (John Arendt - Summerland Review)
QUIZ: How much do you know about hockey?

Test your knowledge of Canada’s national winter sport

Dr. Jerome Leis and Dr. Lynfa Stroud are pictured at Sunnybrook Hospital in Toronto on Thursday, January 21, 2021.THE CANADIAN PRESS/Frank Gunn
‘It wasn’t called COVID at the time:’ One year since Canada’s first COVID-19 case

The 56-year-old man was admitted to Toronto’s Sunnybrook Health Sciences Centre

An Uber driver’s vehicle is seen after the company launched service, in Vancouver, Friday, Jan. 24, 2020. Several taxi companies have lost a court bid to run Uber and Lyft off the road in British Columbia. THE CANADIAN PRESS/Darryl Dyck
Taxi companies lose court bid to quash Uber, Lyft approvals in British Columbia

Uber said in a statement that the ruling of the justice is clear and speaks for itself

A 75-year-old aircraft has been languishing in a parking lot on the campus of the University of the Fraser Valley, but will soon be moved to the B.C. Aviation Museum. (Paul Henderson/ Chilliwack Progress)
Vintage military aircraft moving from Chilliwack to new home at B.C. Aviation Museum

The challenging move to Vancouver Island will be documented by Discovery Channel film crews

A video posted to social media by Chilliwack resident Rob Iezzi shows a teenager getting kicked in the face after being approached by three suspects on Friday, Jan. 22, 2021. (YouTube/Rob i)
VIDEO: Security cameras capture ‘just one more assault’ near B.C. high school

Third high-school related assault captured by Chilliwack resident’s cameras since beginning of 2021

FILE - In this Feb. 14, 2017, file photo, Oklahoma State Rep. Justin Humphrey prepares to speak at the State Capitol in Oklahoma City. A mythical, ape-like creature that has captured the imagination of adventurers for decades has now become the target of Rep. Justin Humphrey. Humphrey, a Republican House member has introduced a bill that would create a Bigfoot hunting season, He says issuing a state hunting license and tag could help boost tourism. (Steve Gooch/The Oklahoman via AP, File)
Oklahoma lawmaker proposes ‘Bigfoot’ hunting season

A Republican House member has introduced a bill that would create a Bigfoot hunting season

Join Black Press Media and Do Some Good
Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Economic Development and Official Languages Minister Melanie Joly responds to a question in the House of Commons Monday November 23, 2020 in Ottawa. THE CANADIAN PRESS/Adrian Wyld
Federal minister touts need for new B.C. economic development agency

Last December’s federal economic update promised a stimulus package of about $100 billion this year

FILE - In this Nov. 20, 2017, file photo, Larry King attends the 45th International Emmy Awards at the New York Hilton, in New York. Former CNN talk show host King has been hospitalized with COVID-19 for more than a week, the news channel reported Saturday, Jan. 2, 2021. CNN reported the 87-year-old King contracted the coronavirus and was undergoing treatment at Cedars-Sinai Medical Center in Los Angeles. (Photo by Andy Kropa/Invision/AP, File)
Larry King, broadcasting giant for half-century, dies at 87

King conducted an estimated 50,000 on-air interviews

Most Read