Stock image of Canadian money. (VistaRadio Stock Image)
How much will 2021 affect your wallet for the worse or for the better?
That’s the question many will be asking as we welcome in the new year.
If you’re a minimum wage worker in the province, there is good news on the horizon.
As of June 2021, minimum-wage workers in B.C. will be bumped up to $15.20 an hour from $14.60 per hour.
The provincial government has been increasing the minimum wage every year since June 1st 2018.
You’ll also save money on your car insurance rates thanks to the new ‘Enhanced Care coverage’ coming from ICBC.
The province announced that ICBC would be trying to introduce the program, and if approved, would be the largest rate decrease in B.C for more than 40 years.
The program will save you on average around 20 per cent, or approximately $400, on full, basic and optional vehicle insurance.
There’s also good news on the ferry front.
B.C.’s Transportation Ministry said in December that B.C. Ferries will be getting more than $300 Million through the Safe Restart money, meaning you could be seeing a limit on annual far increases to 2.3 per cent until March 31st, 2024.
While there is a lot of good news when it comes to saving money for the new year, there could be some negatives.
That includes a possible increase to your BC Hydro rates.
The company has applied to hike its rates by 1.16 per cent this April.
While that may be concerning for some, the corporation cut rates in 2020 meaning you could see a one time bill credit in the new year for around $4.
Another change to 2021 could be a Carbon tax increase.
In April of last year, a $45 per tonne of carbon dioxide increase was put on pause as part of the COVID-19 Action Plan.
The province decided that the tax rate would remain at $40 per tonne until April of this year, so that means come spring time, it’s set to go up $5 per tonne.
A further increase to $50 per tonne, is planned for 2022.