More federal tax hikes in 2024

Author: Franco Terrazzano 2023/12/19

OTTAWA, ON: The Canadian Taxpayers Federation released its annual New Year’s Tax Changes report today to highlight major tax changes in 2024.

“Tax hikes will give Canadians a hangover in the new year,” said Franco Terrazzano, Federal Director of the CTF. “Canadians need help with the rising cost of living, but the feds will be reaching deeper into our pockets with major tax hikes in 2024.”

Payroll taxes: The federal government is raising the mandatory Canada Pension Plan and Employment Insurance contributions in 2024. These payroll tax increases will cost a worker up to $347 next year. 

For workers making $73,200 or more, federal payroll taxes (CPP and EI tax) will cost them $5,104 in 2024. Their employer will also be forced to pay $5,524.

Carbon tax: The federal carbon tax is increasing to more than 17 cents per litre of gas and 15 cents per cubic metre of natural gas on Apr. 1, 2024. The carbon tax will cost the average household between $377 and $911in 2024-25, even after the rebates, according to the Parliamentary Budget Officer. 

Alcohol escalator tax: Alcohol taxes will increase by 4.7 per cent on Apr. 1, 2024. Taxes already account for about half of the price of beer, 65 per cent of the price of wine and more than three quarters of the price of spirits. This tax hike will cost Canadians almost $100 million next year. 

“Canadians pay too much tax because the government wastes too much money,” Terrazzano said. “Canadians need relief now, and that means Prime Minister Justin Trudeau must drop his plans to raises taxes in 2024.”

You can find the CTF’s New Year’s Tax Changes report here

A Note for our Readers:

Is Canada Off Track?

Canada has problems. You see them at gas station. You see them at the grocery store. You see them on your taxes.

Is anyone listening to you to find out where you think Canada’s off track and what you think we could do to make things better?

You can tell us what you think by filling out the survey

Join now to get the Taxpayer newsletter

Franco Terrazzano
Federal Director at
Canadian Taxpayers

Join now to get the Taxpayer newsletter

Hey, it’s Franco.

Did you know that you can get the inside scoop right from my notebook each week? I’ll share hilarious and infuriating stories the media usually misses with you every week so you can hold politicians accountable.

You can sign up for the Taxpayer Update Newsletter now

Looks good!
Please enter a valid email address

We take data security and privacy seriously. Your information will be kept safe.