“Canada Launches Clearer Carbon Tax Rebates: ‘Canada Carbon Rebate’ Now Identified on Bank Statements”
Ottawa, July 15, 2024 – Canadians will now find it easier to identify their quarterly carbon tax rebates, as banks begin labeling these direct deposits as the “Canada Carbon Rebate” starting today. This change aims to improve transparency and awareness about the federal fuel charge compensation, previously appearing under ambiguous labels such as “federal payment” or “EFT Canada.”
Eligible Canadians across the Prairies, Ontario, and Atlantic Canada can expect their rebates today, with amounts varying by province. A single adult in Alberta will receive $225, while families of four in Newfoundland and Labrador can expect $298. This move follows recent revisions to the Financial Administration Act, mandating clear labeling of government payments.
Environment Canada announced that small businesses are now eligible for these rebates, potentially returning $2.5 billion to approximately 600,000 businesses. Today is the final filing day for small businesses to qualify for this benefit. Additionally, rural top-up payments will double from 10% to 20%, effective October 15, 2024, with retroactive payments dating back to April.
The federal government continues to defend its carbon pricing strategy amidst political challenges, citing significant emissions reductions and financial benefits for most families. Recent data suggests carbon pricing could cut Canada’s emissions by 50% by 2030.