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

River’s incredible story came to an end when he was finally caught in a live trap on Dec. 13, 2020, after spending 16 days of surviving on his own in a North Thompson Valley wilderness area. (James Akey photo)
Bringing River home for Christmas

Lost dog saved from B.C. wilderness by a community that cared

Interior Health update. File photo.
86 new COVID-19 cases, two more deaths in Interior Health

The new deaths are from Heritage Square, a long-term care facility in Vernon

A woman wearing a protective face mask to curb the spread of COVID-19 walks past a mural in Victoria, B.C., on Monday, Dec. 7, 2020. THE CANADIAN PRESS/Marissa Tiel
115 new COVID-19 cases, no new deaths in Interior Health

There are now a total of 4,970 cases in the region

(Jill Hayward photo)
Barriere Elementary advises COVId-19 school exposure

On Wednesday, Jan. 13, Barriere Elementary School advised school families that a… Continue reading

Dr. Rhonda Nixon has been appointed new superintendent and CEO for the School District 73. (SD73 photo)
SD73 Board of Education announces new superintendent

A new superintendent and CEO has been hired for SD73. The Board… Continue reading

Keith the curious kitten is seen on Nov. 4, 2020 at the Chilliwack SPCA. Friday, Jan. 22, 2021 is Answer Your Cat’s Questions Day. (Jenna Hauck/ Chilliwack Progress file)
Unofficial holidays: Here’s what people are celebrating for the week of Jan. 17 to 23

Answer Your Cat’s Questions Day, Pie Day and International Sweatpants Day are all coming up this week

(Phil McLachlan - Capital News)
‘Targeted’ shooting in Coquitlam leaves woman in hospital

The woman suffered non-life threatening injuries in what police believe to be a targeted shooting Saturday morning

JaHyung Lee, “Canada’s oldest senior” at 110 years old, received his first dose of the COVID-19 vaccine on Thursday, Jan. 14, 2021. He lives at Amenida Seniors Community in Newton. (Submitted photo: Amenida Seniors Community)
A unique-looking deer has been visiting a Nanoose Bay property with its mother. (Frieda Van der Ree photo)
A deer with 3 ears? Unique animal routinely visits B.C. property

Experts say interesting look may be result of an injury rather than an odd birth defect

Standardized foundation skills assessment tests in B.C. schools will be going ahead later than usual, from Feb. 16 to March 12 for students in Grades 4 and 7. (Black Press Media file photo)
B.C. teachers say COVID-affected school year perfect time to end standardized tests

Foundational skills testing of Grade 4 and 7 students planned for February ad March

Sooke’s Jim Bottomley is among a handful of futurists based in Canada. “I want to help people understand the future of humanity.” (Aaron Guillen - Sooke News Mirror)
No crystal ball: B.C. man reveals how he makes his living predicting the future

63-year-old has worked analytical magic for politicians, car brands, and cosmetic companies

Terry David Mulligan. (Submitted photo)
Podcast: Interview with longtime actor/broadcaster and B.C. resident Terry David Mulligan

Podcast: Talk includes TDM’s RCMP career, radio, TV, wine, Janis Joplin and much more

Seasonal influenza vaccine is administered starting each fall in B.C. and around the world. (Langley Advance Times)
After 30,000 tests, influenza virtually nowhere to be found in B.C.

COVID-19 precautions have eliminated seasonal infection

Prime Minister Justin Trudeau listens to a question during a news conference outside Rideau cottage in Ottawa, Friday, January 8, 2021. THE CANADIAN PRESS/Adrian Wyld
Trudeau says Canada’s COVID vaccine plan on track despite Pfizer cutting back deliveries

Canadian officials say country will still likely receive four million doses by the end of March

Most Read