Smart meters can measure apparent power and therefore a power factor for the whole house. Pretty sure any more modern digital meter probably can as well, smart or not. But they don't charge residential for apparent power, plain and simple. The meters are more accurate and measure all the brief high start up power generated by larger appliances which previous analog meters couldn't measure. This is one reason you'll see an increase. Other increases will result from peek time billing if applicable. Power companies will sometimes even list your house PF and apparent power in kVA on your bill but they won't charge you for it.
I'm sure a few people already using smart meters in BC can confirm this for you.
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