Revenues are predicted to hit $2.6B this year, the PBO says.
OTTAWA — Canada's budget watchdog agrees with the federal government's claim that Canadians are going to get more from the climate change tax rebate than they are paying in carbon tax.
In 2022-23, when the price hits $50 a tonne, the revenues will climb to $5.8 billion from the fuel charge and $448 million from large emitters. The four provinces involved are Saskatchewan, Manitoba, Ontario and New Brunswick.The figures are very close to the government's own projections for revenues. The Department of Finance predicted the fuel charge will bring in $2.36 billion in 2019-20 and $5.7 billion in 2022-23.
In Saskatchewan for instance, the average household is expected to pay $425 in carbon tax this year, and will get $598 back from the rebate. In Ontario, the average cost will be $256, and the average rebate $300. In Manitoba, the average cost will be $260 and the average rebate $336, and in New Brunswick the average cost will be $193 and the average rebate $248.
The carbon tax is intended to encourage Canadians to find ways to reduce their carbon footprints, and therefore pay less carbon tax, without causing them economic hardship.
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