B.C. carbon tax, BC Hydro and ICBC rate hikes kick in on April 1

WATCH: The rising cost of living in B.C.

The cost of living just jumped for British Columbians with tax and rate hikes taking effect April 1.

A provincial carbon tax hike goes into effect on Monday, increasing from $35 per tonne of carbon dioxide to $40 per tonne.

The increase will add around one cent per litre to the cost of filling up your vehicle.

Last year, Metro Vancouver mayors also voted to hike the gas tax by 1.5 per cent to fund phase two of the 10-year transit and transportation plan. That increase is expected to cost drivers about $24 per year.

WATCH: (Aired Dec. 14, 2018) ICBC seeks 6.3% basic insurance rate hike

The increases come at a time when gas prices have been spiking. Fuel prices neared $1.59 a litre in some parts of Metro Vancouver on Monday.

BC Hydro customers are looking at a 1.8 per cent rate increase effective April 1 and another 0.7 per cent increase on April 1 of next year. This is part of a projected 8.1 per cent increase over the next five years.

Major changes are also coming into effect at ICBC on Monday. Amid fundamental changes to the way the public insurer deals with injury settlements, basic insurance rates have increased 6.3 per cent.

— With files from Richard Zussman

© 2019 Global News, a division of Corus Entertainment Inc.

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