Major increases will be affecting me this year:
1. My local public transit system has increase their fares starting January, 1 2016. $0.25 for cash fares and $0.10 for tokens. For the time being, they froze the current price of my Metropass. It is expensive enough since it costs me $129.75/month since I am locked into their metropass program.
2. My Rogers will increase their internet, cable, and phone rates. My internet will increase by $3 per month. I hate when they increase it. If Rogers is increasing their fees, you can expect Bell will too.
3. Once again, Canada Post will increase their fees. Effective January 11, 2016, stamps for letter mail will remain $1 for mailing in Canada and $1.80 for mailing in U.S.
4. Our dollar keeps on diving into a low rate that we have not seen for a long time. We will expect the price for food will continue to rise. It is expected to increase by 4-4.5%.
5. My hot water tank (Direct Energy) rental has increased by another $0.50. When I first moved into my house over 8 years ago, it was around $10 - now it is close to $16.
6. Back in December 2014 it was discussed that Ontario Hydro bills could go up 42% within 5 years. So if you were paying $125 it could go upwards to $178 a month plus HST, this is going to hurt alot of people.
Typical Family’s Monthly Hydro Bill 2013 - $125 2014 - $137 2015 - $145 2016 - $167 2017 - $170 2018 - $178 2019 - $177 2020 - $181 2025 - $194 2030 - $205 (Source: Ontario Long-Term Energy Plan. 2013)
7. Enbridge rates are going up and it has already taken effect beginning of the year. The increase will be approximately $63 annually.
Other increases will be either affecting me or others.
Rent - maximum of 2% increase is allowable in Ontario in 2016 - see guideline here
Increase in EI & CPP premiums - less take home pay
Camps, after school programs, Day Cares
And the list could go on and on.
This year I went hunting for a different home insurance. I was able to find another insurance provider and I was able to cut my premium in half.
Price of gas is still lower than it was a few years ago. However, the price is oil is one of the reasons why our dollar is low too.
I am also expected that my mom will live with me for awhile so you can guess my utilities will also increase.
This summer both my daughters will go to camp. I pay roughly $200 a week. Now it will be more than $400! a week. I have to place them for 4 weeks so that will be $1,600! Ouch! I have to pay all of this in March so I can reserve the spot for July and Aug.
Which increases will affect you the most?
Anything I have mentioned above is through research via online newspapers. Please do your own research to get accruate numbers.