Canada Raises Its Carbon Tax To $80 Per Ton

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Industrial Carbon Pricing Delivers 3x More Emission Cuts than Consumer Levy

Industrial carbon pricing through large-emitter trading systems (LETS), including output-based pricing or cap-and-trading systems, is propelling Canada’s clean energy transition, writes Dave Sawyer, principal economist at the Canadian Climate Institute.

The national tax on carbon pollution in Canada has just been increased, along with the money the government sends back to Canadians. The price per metric ton of CO2 went up from $65 to $80.

It’s important to note that this increase does not apply equally everywhere in the country.

Residents of Quebec, the territories, and British Columbia have their own separate systems and don’t receive federal rebates.

In the rest of Canada, people will pay a bit more for fuel due to the higher carbon price.

Relevant: Canada Unveils New Carbon Management Strategy

To help offset this cost, the federal government gives rebates to families and individuals. These rebates, recently renamed the Canadian Carbon Rebate, have also increased.

To get a rebate, residents need to file their income taxes, after which the money is sent to their bank account electronically or mailed as a check.

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Read the full post at Carbon Herald.