New Year, new costs: a look ahead to tax changes in Sask. for 2019

The new year is just around the corner, and so are some tax increases.

In Saskatchewan, 2019 brings about several increases and potentially could include a federally implemented carbon tax.

'Keep an eye on' CPP rate increases: report

The Canadian Pension Plan will see an incremental increase of 0.15 per cent according to the Canadian Taxpayer Federation's 2019 New Years Tax Change Report

The report estimated that will cost workers about $98 per year.

"That's just the start," the report said, adding the rate will increase every year for the next five years.

"Canadian workers will be paying $550 more per year when the rate hikes are fully implemented after five years."

Those increases are supposed to be offset by income tax deductions, but the report noted people earning $60,000 a year or more will be paying $380 more each year.

Savings plan contributions, municipal rates rise, business tax decreases

The New Year isn't all about increases.

The federal small business tax rate is going down by a full point, from 10 per cent to nine per cent.

Canadians with Tax Free Savings accounts can also start contributing a little bit more every year.

The amount people can contribute will be bumped to $6,000 annually, up from $5,500.

Utility costs in Regina will be bumped up three per cent, which will see the average resident pay about $4 more a month.

The average Queen City resident with a home assessed at $350,000 will also be paying about $86 more in property tax.

In Saskatoon, city council approved a 4.4 per cent property tax rate hike in November. They also approved a slight increase in the price of leisure cards, which grant unlimited access to Saskatoon leisure centres.  

Carbon tax set to start in April

According to the Canadian Taxpayers Federation's report, Saskatchewan residents could end up paying almost five cents more per litre of gasoline because of the carbon tax.

That fuel tax won't come into place until April 1, 2019. A separate carbon tax will be implemented on "large industrial emitters" and comes into effect on Jan. 1, 2019.

"Climate Action Incentive Payments for 2019 will be provided through 2018 income tax returns," the report read. "According to the federal government these payments will give most families more than they pay under the federal carbon tax."

Saskatchewan and a slew of other provinces have vowed to fight the carbon tax. They get their first chance to do so in courts next spring.