New year, new price hikes

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The start of the new year brings a long list of Government changes and people in Ontario will feel the impact in their wallets. Some of the changes will be noticeable immediately on your home heating bill and when you fill up at the pumps. January 2017 is the official start of Ontario’s Cap and Trade program to combat carbon emissions.

Marvin Ryder from the DeGroote School of Business says it will be the biggest change heading into the new year, especially for the middle class.

Gasoline, which has already been climbing will go up 4.5 cents a litre and if you use natural gas to heat your home, expect another $5 on the bill, but according to Ryder, in the winter months it could be $10-$12 more.

Meanwhile, Ontarian’s will see some relief on hydro bills receiving an 8% tax cut, saving $11 a month and first time home buyers will catch a break this year. The Ontario Government says they’re eligible for a rebate up to $4 000 on land transfer tax. Double the previous level.

There are new rules for tow-trucks drivers. They must receive permission from a customer before providing any service and consumers will be able to pay with cash or credit

Employment insurance benefits including special benefits for maternity or disability leave will start paying out sooner. The wait period has been shortened from two weeks to one.

The Ontario Government released a list of the changes and they are broken down by category including social services, housing, education, health and long term care. For the detailed list visit: https://news.ontario.ca/opo/en/2016/12/regulation-and-fee-changes-coming-into-force-january-1-2017.html