Working Canadians can expect a hit to the wallet as they welcome in 2013, mostly in the form of higher payroll deductions.
Besides the bills many people will face from holiday shopping, there will be increases to Canada Pension Plan and Employment Insurance premiums.
Canadians earning at least $47,400 will pay $891.12 in EI premiums this year, up $51.50. Employers will pay $1,247.57 per employee, an increase of $71.61.
For anybody earning at least $51,100, Canada Pension Plan contributions are going up $49.50 to $2,356.20, with the employer’s share jumping the same amount.
CPP benefits will increase by 1.8 per cent for those already receiving them.
The maximum CPP retirement benefit for new recipients will increase from $986.67 to $1,012.50 per month. This increase is calculated on the average yearly maximum pensionable earnings for the last five years.
In British Columbia, workers will be hit with higher payroll health tax hikes for the fourth consecutive year.
Read more from CBC News