Tons of new laws and rules are coming to Canada and Alberta in the New Year.
From a foreign homebuyer ban to an increase in the federal carbon price, there are plenty of new laws you'll want to know.
Pension and EI
There's going to be less money to take home in 2023 since Canada Pension Plan (CPP) and employment insurance (EI) premiums are increasing.
The CPP rate increases from 5.70 per cent to 5.95 per cent for the New Year.
As for employment insurance, the maximum annual EI premium of $952.74 is going up to $1,002.45.
In total, CPP and EI increases will make for $305 less in income to take home for the year.
Carbon price increase
In 2022, the federal government's carbon pricing was set at $50 per tonne. For 2023, the cost is increasing to $65.
This will affect people most at the pump, costing a family around $10 every time they fill up on fuel.
Foreign homebuyer ban
As of New Year's Day, foreign people and commercial enterprises are banned from buying residential property in Canada until 2025.
This is to help mitigate housing shortages. However, refugees, international students, and those with temporary work permits are exempt from this rule.
Inflation relief measures
The Alberta government is sending out payments to help provide relief from inflation.
Seniors with an annual income below $180,000 can apply to get six monthly payments of $100.
Families with an income below $180,000 can apply to get a total of $600 for each child under the age of 18.
The provincial government is also working to adjust personal tax rates. They say many Albertans will see the benefit on their first paycheques of the New Year.
Cheaper Gas
Exclusive to Alberta, the provincial fuel tax will be dropped, making it cheaper to fill up a tank of gas.
The provincial fuel tax was paused earlier this year but was reinstated soon after.