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HomeNewsFive Tax Hikes Hitting Your Wallet In 2024

Five Tax Hikes Hitting Your Wallet In 2024

ONTARIO-The Canadian Taxpayers Federation released its annual New Year’s Tax Changes report today.

The report outlines five tax hikes that Ontarians will be facing at the federal level.

  • Canada Pension Plan tax: Workers earning $68,500 or more will pay an extra $133 through the Canada Pension Plan payroll tax in 2024. Their employers will also pay an extra $133.
  • Employment Insurance tax: Workers earning $63,200 or more will pay an extra $47 through the Employment Insurance payroll tax in 2024. Their employers will pay an extra $65 per employee.
  • Carbon tax: The federal carbon tax is increasing on April 1, 2024. The price per tonne will increase from $65 to $80 and the cost per litre at the gas pump will rise from 14.3 cents to 17.6 cents.
  • Second carbon tax: The federal government’s second carbon tax is expected to increase the price of gas through fuel regulations by up to 17 cents per litre and cost the average household between $384 and $1,157 by 2030, according to the PBO.
  • Liquor escalator tax: The federal liquor escalator tax will increase liquor taxes by 4.7 per cent on April 1, 2024. Taxes already account for about half of the price of beer, 65 per cent of the price of wine and more than three-quarters of the price of spirits.

“Other countries are cutting taxes, but Ottawa is sticking Canadians with higher bills,” said CTF Ontario Director Jay Goldberg. “Prime Minister Justin Trudeau needs to stop wasting so much money and cut taxes.

The report also shows that Premier Doug Ford is set to increase gas taxes if the government fails to extend its temporary gas tax cut which is set to expire on July 1, 2024.

“Ontarians will soon be facing a major gas tax hike if Premier Doug Ford doesn’t act,” Goldberg said. “Gas taxes will shoot up by 6.4 cents per litre on Canada Day unless the province extends the gas tax cut. That would make the cost of filling up a minivan go up by more than four dollars overnight.”

Read the full report here:https://www.taxpayer.com/media/NYTC-Report-CTF-2024.pdf

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