Most of the Canadians who paid the national carbon price in 2021 got far more back than they paid, a newly released annual report on pollution pricing says.
Based on the numbers in the report, the average amount that people paid in the four provinces where the carbon price applied that year was $555. The average rebate was $804.
Those that use the federal system receive a rebate. The system is designed so the carbon price makes it more expensive to use greenhouse-gas emitting fossil fuels, thus incenting people to find ways to use less fuel. The rebates, which are distributed regardless of how much fuel you use, are intended to keep most families from being worse off as a result of the carbon price.
that agreed direct rebates exceed the costs for most families, but warned they may be left worse off by the end of this decade as the carbon price stunts economic growth. The budget watchdog's analysis included the potential for lower incomes and job losses as a result of the policy. Guilbeault said the PBO report admits that its net cost warning doesn't include a comparison to the economic pain that climate change itself will cause if we don't do more to slow it down through policies like carbon pricing.
Last November, the PBO issued a separate analysis on the economic impact of climate change, warning that the costs in 2021 due to extreme weather had already reduced the GDP between $20 billion and $25 billion. It expects the GDP to be 0.08 percentage points lower every year as a result of climate change, even if Canada adopts all the polices currently underway to lower emissions and slow global warming.
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