MONTREAL - Quebec residents already pay some of the highest taxes in North America, but will be paying even more to the government in the New Year.
Beginning Jan. 1, the provincial sales tax will rise from 7.5 to 8.5. per cent. Another one per cent tax increase is slated for 2012.
"On average, we will pay something like $500 per family in additional provincial sales tax," Pierre Fortin, an economic professor at UQAM, told CTV Montreal's Maya Johnson.
Public transit users will also be taking a hit in the New Year.
The STM is raising the cost of a monthly pass by four percent -- up to $72.75.
For drivers, Montreal is introducing a new annual car tax that will cost an average of $50.
That's on top of an existing $30 tax on registration to support public transit, and a one-cent-a-litre tax on gasoline.
When it comes to your weekly paycheque, expect increased deductions for Employment Insurance, the Quebec Parental Insurance Plan and the Quebec Pension Plan.
Arnold Zwaigm, a senior wealth advisor with Scotia Mcleod, said Quebecers need to look at the big picture: the government's objective is to balance the budget by 2014.
"As a consumer and a taxpayer, I'm very disappointed with these tax increases," he said.
"As a citizen and a user of the provincial services, I think it's very responsible that the government's looking at our future well-being."
