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What is Going to Cost You More This Year?

expenses costing more

It is not unusual for our Government to give out with one hand then take back with the other.   While the new tax breaks are good news this year, you may not be so happy with some of the increased expenses you may be facing.

The annual premium for Unemployment insurance rates are going up from $913.68 to $930.50.    This will have an effect on both employers and employees.

For those who ship a lot of parcels business or otherwise there is going to be a significant increase for those using Canada Post to do this.   It is expected to jump by 4.2%.   For those shipping from Canada to the USA the increase is not quite as bad as it will raise by about 1.8% for most customers.

There are several other changes that have taken place at the beginning of the new year, but for the average person these aren’t going to have any effect concerning how much money they can keep in their pocket.

One that may have an indirect effect  is the introduction of new or better energy efficient mandates for 22 products.   These include microwaves, ovens, water heaters and televisions.   So if you are planning a purchase of one of these or the other items in 2015 maybe you will save a few pennies concerning their improved energy efficiency.

While directly most of us are enjoying the low gas prices at the pumps it could have a negative effect on us in other ways.   It means the Government is taking a big hit in revenue so this is going to have an impact on balancing the budget, but this remains to be seen.

You may have been hit with some increased costs in late 2014 and didn’t even notice it.   We often get so caught up in our personal life styles that when we hear something about rising costs on the news, it causes some fleeting irritation but is soon forgotten about. Back in October we were warned that many of us homeowners as well as business would likely see some increase in our Hydro expense.   The increase was expected to be 1.7%, which would create an increase of about $2. to the average household bill.

By becoming more tuned into all these little increases you will have more incentive to find ways to off set them.   The old saying that if we look after our pennies (although these don’t exist anymore) the dollars will look after themselves would be a good adage to apply here.

 

 

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Sam Seidman, CPA, CA, LPA
629 Sheppard Avenue West
Toronto, Ontario
M3H 2S3

Telephone: (416) 398-1700
Fax: (416) 398-6226

Chartered Professional Accountant, Chartered Accountant, Licensed Public Accountant

Email: sam@torontoaccountant.ca

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