2024 shaping up to be a costly year for Maritimers

2024 will be a year of tax hikes and rate increases.

“Taxpayers in Nova Scotia are experiencing some of the biggest tax increases in the country,” said interim Atlantic director of the Canadian Taxpayers Federation, Jay Goldberg.

There are two reasons for this.

Nova Scotia is the only province that doesn’t adjust its income tax bracket to keep pace with inflation.

“Also, the Trudeau government is raising payroll taxes,” said Goldberg. “If you make more than $73,000 a year, your payroll taxes will go up by $347.”

On the good news front, last year, the New Brunswick provincial government implemented a tax cut.

“It will again this year, save taxpayers hundreds of dollars,” said Goldberg.

Nationally, the carbon tax will decrease, but it could go up in rural areas as much as 20 per cent.

CPP contributions will increase $113 for workers making more than $68,500. Anyone making more than $73,200 will pay an extra $302 into CPP.

“EI contributions, the premiums are also up by more than $47,” said Goldberg.

Property owners in Nova Scotia will see the rent cap be set at by five per cent this year.

Moncton-based financial planner John Maisey said, as EI and CPP contributions increase, some income brackets will actually benefit, but not by much.

“The average worker is going to get a modest increase in take-home pay,” said Maisey. “If you’re making $1000 a week, you’re going to have an extra five dollars.”

Nova Scotia Power is implementing a 6.8 per cent residential increase. NB power has requested a 9.8 per cent increase. Maritime Electric on P.E.I. implemented a 2.1 per cent increase back in September.

How do Maritime residents brace for these increases?

“If your equalize billing is up right now, bump it up, a few extra dollars, just to get used to it,” said Maisey.