From minimum wage increases in some provinces, to Canada’s ban on foreign property buyers, the new year will usher in a number of new regulations and laws.
Changes coming into effect in 2023 also include higher payroll deductions for Canadian workers, the introduction of federal carbon pricing in three Atlantic provinces, and new medication-prescribing powers for Ontario pharmacists.
From minimum wage increases in some provinces, to Canada’s ban on foreign property buyers, the new year will usher in a number of new regulations and laws.
Changes coming into effect in 2023 also include higher payroll deductions for Canadian workers, the introduction of federal carbon pricing in three Atlantic provinces, and new medication-prescribing powers for Ontario pharmacists.
Here are some of the new laws and rules you need to know about:
NATIONWIDE
Higher payroll deductions
Canada Pension Plan (CPP) contributions and employment insurance (EI) premiums are increasing in 2023, meaning less take-home pay for Canadian workers.
The employee and employer CPP contribution rates will increase to 5.95 per cent from 5.70 per cent in 2022, the Canada Revenue Agency announced in November.
That means the maximum employee contribution to the CPP plan for 2023 will be $3,754.45, up from $3,499.80 in 2022.
In a separate notice, the federal government said that changes to employment insurance rates will result in workers paying a maximum annual EI premium of $1,002.45 in 2023, compared to $952.74 in 2022.
The Canadian Federation of Independent Businesses says the CPP and EI contribution increases mean that every Canadian worker will see up to $305 less in annual take-home income next year.
Two-year ban on foreign homebuyers
As of Jan. 1, 2023, foreign commercial enterprises and people will be prohibited from buying residential properties in Canada for two years. Parliament approved the ban last summer in an effort to address housing shortages and affordability issues, but many people will be exempt from the new rule, including those with temporary work permits, refugee claimants and international students who meet certain criteria.
Federal carbon price increase
The federal government’s carbon pricing is set to increase from $50 per tonne to $65 per tonne on April 1, 2023. The Canadian Taxpayers’ Federation says that will increase the current 11.05 cents per litre carbon price to 14.31 cents per litre of gas – costing a family “about $10.88 every time they fuel up their minivan.”
The taxpayers’ federation also says clean fuel regulations set to take effect on July 1, 2023 are expected to increase the price of gas. Those regulations will require gasoline and diesel producers and importers to reduce the carbon intensity of their fuel.
First annual TFSA limit increase since 2019
If you plan on making a contribution to your Tax-Free Savings Account – or opening a TFSA for the first time -- the annual limit for 2023 will be $6,500 – a $500 increase from the previous year and the first limit increase since 2019.
New laws affecting jury duty
As of mid-January 2023, Canadians who face mental health challenges as a result of fulfilling their jury duties – such as seeing disturbing evidence during trials, for example – will be allowed to discuss their jury work with a mental health professional. Discussing trial information is normally forbidden, but the passing of Bill S-206 makes the exemption for jurors who need to seek professional support.
A separate piece of federal legislation will allow jury selection to be done via videoconferencing as of Jan. 14, among other changes to the criminal justice system meant to streamline the process.
New rules for operating trucks, buses
As of Jan. 1, 2023, trucks and buses travelling between provinces and territories must have electronic devices that log the number of hours drivers spend on the road, instead of relying on paper log books.
BRITISH COLUMBIA
New homebuyer protection period rules
As of Jan. 3, 2023, there will be a mandatory three-day consumer protection period for real estate purchases in order to give homebuyers an opportunity to secure financing and arrange home inspections, the provincial government said.
Minimum age requirements for hazardous work
As of Jan. 1, 2023, the B.C. government will enforce minimum age requirements for work considered too hazardous for young employees. For example, the minimum age to work in construction will be 16 and the minimum age to operate a chainsaw at a work site will be 18.
With files from The Canadian Press, CTV Vancouver Island and CTV Vancouver.