The Canadian Taxpayers Federation (CTF) shared its yearly report about the significant tax changes happening in 2024.“Tax hikes will give Canadians a hangover in the new year,” said Franco Terrazzano, federal director of the CTF. “Canadians need help with the rising cost of living, but the feds will be reaching deeper into our pockets with major tax hikes in 2024.” In 2024, the federal government is making changes to payroll taxes. They are increasing the required contributions for the Canada Pension Plan and Employment Insurance. Workers will have to pay up to $347 more next year.For those earning $73,200 or more, the federal payroll taxes, which include the CPP and EI taxes, will cost $5,104 in 2024. Your employer will also have to pay $5,524 for these taxes.Starting on April 1, 2024, the federal carbon tax will go up to over 17 cents per litre of gas and 15 cents per cubic meter of natural gas. In 2024-25, the average household is expected to pay between $377 and $911 in carbon tax, even after receiving rebates, as reported by the Parliamentary Budget Officer.On April 1, 2024, there will be a 4.7% increase in alcohol taxes. Currently, taxes make up approximately half of the cost of beer, 65% of the cost of wine, and over three-quarters of the cost of spirits. This alcohol tax increase is expected to result in Canadians paying nearly $100 million more next year for their alcoholic beverages.“Canadians pay too much tax because the government wastes too much money,” said Terrazzano. “Canadians need relief now, and that means Prime Minister Justin Trudeau must drop his plans to raise taxes in 2024.”
The Canadian Taxpayers Federation (CTF) shared its yearly report about the significant tax changes happening in 2024.“Tax hikes will give Canadians a hangover in the new year,” said Franco Terrazzano, federal director of the CTF. “Canadians need help with the rising cost of living, but the feds will be reaching deeper into our pockets with major tax hikes in 2024.” In 2024, the federal government is making changes to payroll taxes. They are increasing the required contributions for the Canada Pension Plan and Employment Insurance. Workers will have to pay up to $347 more next year.For those earning $73,200 or more, the federal payroll taxes, which include the CPP and EI taxes, will cost $5,104 in 2024. Your employer will also have to pay $5,524 for these taxes.Starting on April 1, 2024, the federal carbon tax will go up to over 17 cents per litre of gas and 15 cents per cubic meter of natural gas. In 2024-25, the average household is expected to pay between $377 and $911 in carbon tax, even after receiving rebates, as reported by the Parliamentary Budget Officer.On April 1, 2024, there will be a 4.7% increase in alcohol taxes. Currently, taxes make up approximately half of the cost of beer, 65% of the cost of wine, and over three-quarters of the cost of spirits. This alcohol tax increase is expected to result in Canadians paying nearly $100 million more next year for their alcoholic beverages.“Canadians pay too much tax because the government wastes too much money,” said Terrazzano. “Canadians need relief now, and that means Prime Minister Justin Trudeau must drop his plans to raise taxes in 2024.”
