Skip to content

One Accounting

Menu

New Canada Carbon Tax Increase Effective April 1

flag-Canada

With effect from April 1, the Canada Carbon Pricing Plan will rise from $65 to $80 per tonne, contributing to the rise in gas prices.

By 2030, this $15 per tonne increase will have brought the total to $170 per tonne. The current carbon pricing scheme in Canada is $65 per tonne.

Qualifying Canadians receive quarterly tax-free payments, with the next payment scheduled for April 15, 2024.

The first of four quarterly CCR payments to residents of these provinces will be received in April 2024; the remaining instalments are scheduled for July 2024, October 2024, and January 2025.

What is Carbon Pricing?

Carbon pricing is a policy tool used by governments to reduce carbon dioxide (CO2) emissions by putting a price on carbon emissions.

Companies or individuals must pay a certain amount of money for each ton of CO2 they emit into the atmosphere.

The Canada Carbon Rebate is a part of the government’s carbon pricing plan; it was formerly known as the climate action incentive payment.

How much do Canadians get as a carbon rebate?

Starting in April, a family of four can receive a CCR payment of up to,

  • Alberta: $1,800 ($450 quarterly)
  • Manitoba: $1,200 ($300 quarterly)
  • Ontario: $1,120 ($280 quarterly)
  • Saskatchewan: $1,504 ($376 quarterly)
  • New Brunswick: $760 ($190 quarterly)
  • Nova Scotia: $824 ($206 quarterly)
  • Prince Edward Island: $880 ($220 quarterly)
  • Newfoundland and Labrador: $1,192 ($298 quarterly)

What is the cost per family?

Alberta – $2510

Saskatchewan – $1914

Manitoba – $1586

Ontario – $1578

Nova Scotia – $1255

Prince Edward Island – $1345

Newfoundland and Labrador – $1539

What are the Canada carbon rebate (CCR) payment dates?

The following dates are used for the quarterly CCR payment issuance:

 

April 15, 2024
July 15, 2024
October 15, 2024
January 15, 2025

Rebranding of Climate Action Incentive Payment (CAIP)

The Climate Action Incentive Payment (CAIP) was renamed as the new, larger Carbon Tax Rebate 2024 payments by the Department of Finance on February 14.

The Finance Ministry claims that in order to better communicate its objectives and help Canadians understand its connection to the carbon pricing plan, the name has been changed to the Canada Carbon Rebate.

Share:

Recent Blogs