As we leave behind 2015, we bring in an additional set of laws that will be enforced in 2016. Below is a quick glimpse of what you can expect.
Tax hikes and cuts.
The middle class will receive a federal tax cut of 1.5% for a total of 20.5% while individuals who earn more than $200,000 will be taxed 4% more for a total of 33%.
Government to ease student debt.
Canada Student Loan Program will refrain from cutting support to working students for every additional dollar earned over $100 per week.
Winter tires tax break.
The Liberal government wants to lend Ontarians a helping hand by offering winter tax cuts this winter. The objective is to encourage individuals to be safe and proactive by requiring all private insurance companies to offer drivers a discount for installing winter tires.
Rent increases. Landlords in Ontario can increase by a maximum of 2.0%. This rate is applicable to lease agreements commencing between Jan 1 – Dec 31, 2016.
Drivers will be fined between $150 -$500 for failing to allow pedestrians to reach the other side of the designated school crossing or pedestrian crossover. Thus, the pedestrian must reach the other side of road before a driver can proceed.
Lower hydro bills.
Expect to see $5.60 a month removed from your Hydro bills as of Jan 1st 2016. The Ontario government taxed consumers to cover the cost of old nuclear plants however this tax will now be transferred to businesses.
Automated vehicles will be permitted on highways and provincial roads as of Jan 1st. These vehicles are self-driven.
Health premiums increase.
Health premiums are expected to rise by 4% as a result of the province’s recent budget.
Ban on flavored tobacco sales. Tobacco flavored products such as menthol will not be permitted in New Brunswick as of Jan 1st. E-cigarettes and e- juices will not be sold to individuals younger than 19 years of age.
PSTD covered under worker’s compensation.
Post-traumatic stress disorder will be considered a work-related illness. Workers will be able to obtain coverage under the Workers Compensation Board. This coverage will extend the same coverage to nurses and retail workers as first responders and firefighters.
There you have it! A quick glimpse of the changes taking place in two days. I hope you all have a safe and happy new year. May this year bring you all immense success and happiness.
I want to thank you all for taking the time to read my posts, share your thoughts and show your support. 2015 has been an incredible year for TSP and I hope 2016 is even better. May my fellow bloggers find tremendous success in 2016!
Points of Discussion:
1. What laws would you like implemented where you live?
2. Which laws do you think you’d have the most difficulty abiding by?
3. What are your thoughts regarding these new laws? Do you feel some laws are long -overdue or unnecessary?