More Carbon Tax News !
Trudeau's carbon tax cheques will make most of us poorer
There’s good news and bad news about Prime Minister Justin Trudeau’s carbon tax for residents of the four provinces where it applies — Ontario, Alberta, Saskatchewan and Manitoba.
The good news is that starting July 15 and four times annually after that, individuals and families living in these provinces are going to receive tax-free cheques, or direct deposit payments if they prefer, from the Trudeau government under its Climate Action Incentive Payment Plan.
Previously the rebates were a refundable tax credit, claimed on income tax returns.
The bad news is that, according to Yves Giroux, Parliament’s independent, non-partisan budget officer, most people receiving these cheques (60%), will pay a lot more in annual carbon taxes than they get back in carbon tax payments, and will do so every year up to 2030, at least.
In 2024, Giroux says, 80% of Ontario households will be paying more in carbon taxes than they receive in rebate cheques, with the same thing happening in Alberta in 2028.
The Trudeau government, by contrast, continues to claim 80% of households paying the carbon tax will be better off financially.
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