Canada carbon rebates
EDITOR’S NOTE: Sault Business Matters has received the following media release from Sault member of parliament Terry Sheehan relative to the Canada Carbon Rebate.
Canadians expect their governments to take action on climate change and address affordability concerns. Putting a price on carbon while sending rebates to Canadians is the most cost-effective way to fight climate change. Affordability is front and centre in this system, which puts money into the bank accounts of Canadian families. The Canada Carbon Rebate is made possible because we put a price on pollution. The vast majority of Canadians receive more money back through the rebate than they pay into the system—because big polluters pay the most.
In the eight provinces where the federal fuel charge applies, the Canada Carbon Rebate ensures that eight out of 10 families receive more money back than they pay in pollution pricing. Canadians across the country are already facing the effects of climate change, including more frequent severe weather, record breaking forest fires, droughts, damage to critical infrastructure, and rising food costs due to impacts on crops. Without strong action, the effects of climate change will continue to accelerate, costing Canadians more with every passing year.
Today, the federal government is announcing that eligible Canadians will receive their first of four quarterly Canada Carbon Rebates for 2024–2025, starting on April 15 via direct bank deposit or cheque. The rebates build upon the government’s robust support for the middle class, including measures such as $10-a-day childcare, the Canada Child Benefit, the Grocery Rebate, the Canada Dental Benefit, and our middle-class tax cuts, which are benefitting millions of hard-working Canadians by raising to $15,000 the basic personal amount that Canadians can earn before paying tax.
Sault Ste. Marie and the Algoma District are already receiving the extra rural supplement and will receive the doubling of the supplement. That means a $1,344 Canada Carbon Rebate for a family of four in the local area.
In recognition of rural Canadians’ higher energy needs and their more limited access to cleaner transportation options, the government has introduced legislation that would double the existing rural supplement from 10 percent to 20 percent of the base Canada Carbon Rebate amount. Implementing the increased rural supplement can only happen once Bill C-59, the Fall Economic Statement Implementation Act, 2023, receives Royal Assent.
Canada’s approach to pricing pollution is working. Estimates show that pollution pricing will contribute about a third of the total reductions in emissions that will occur between now and 2030. Pollution pricing is one part of a comprehensive plan to lower emissions in Canada by 40 percent below 2005 levels by 2030 and achieve net-zero emissions by 2050. By providing incentives for emissions reductions and returning the majority of proceeds directly to Canadians, the Canada Carbon Rebate underscores the government’s dedication to fostering a greener, more sustainable, and more prosperous future for all Canadians.
Quotes
“The Canada Carbon Rebate returns dollars back to Canadians. Because carbon pricing makes big polluters pay the most, eight out of 10 Canadians get more back than they pay, with lower-income families benefitting the most. People in Sault Ste. Marie and the Algoma District will also receive the doubling of the extra rural supplement. This means that a family of 4 will get $1344. The Canada Carbon Rebate goes hand in glove with our middle-class tax cuts, Canada Child Benefit and increases to seniors benefit etc. Conservatives have voted against all of these supports and continue to stand for the MAGA rich. Our real support makes life more affordable for Canadians and ensures we will pass on a cleaner, net-zero future to the next generation.”
–Terry Sheehan, MP for Sault Ste. Marie and Parliamentary Secretary to the Minister for Labour and Seniors Seamus O’Regan.
Important Quick Facts
· Each year, Canada Carbon Rebate amounts are adjusted in line with the price on carbon, ensuring the rebate continues to reflect the expected revenue in each province and returns the majority of proceeds directly to Canadians.
· The Canada Carbon Rebate amounts also reflect the proposed doubling of the rural supplement from 10 percent to 20 percent, which would be delivered following Royal Assent of Bill C-59.
· The first of four quarterly Canada Carbon Rebate payments will be issued starting in April 2024, with subsequent quarterly payments delivered in July 2024, October 2024, and January 2025.
· To receive your Canada Carbon Rebate on April 15, 2024, you and your spouse or common-law partner (if applicable), must have electronically filed your income tax and benefit return on or before March 15, 2024. If your tax returns are filed after this date, your payment will be included in a subsequent payment after your return is assessed.
· The Canadian Climate Institute estimates the expected costs of climate change to mount to $25 billion from Canada’s gross domestic product by 2025.
· Modelling from Environment and Climate Change Canada shows that Canada’s emissions in 2021 (the second year that the national minimum price on carbon pollution was in effect in Canada) would have been approximately 18 MT higher in the absence of Canada’s carbon pricing plan.
·