LONDON,
ON, July 15, 2024 /CNW/ - Building fairness
for every generation means combatting pollution and the
devastating and costly impacts of the climate crisis while making
everyday life more affordable for Canadians. Canada's approach to pricing carbon pollution
achieves both.
The Honourable Steven Guilbeault, Minister of Environment and
Climate Change, was at Pizza Quest in London, Ontario, to highlight that today is
the final opportunity for eligible small businesses in provinces
with the federal pollution pricing system to file their tax returns
to benefit from the retroactive payment of the Canada Carbon Rebate
for Small Businesses.
The Canada Carbon Rebate for Small Businesses is a new measure
that will return $2.5 billion from
the revenue collected from the price on carbon pollution between
2019–2020 and 2023–2024 through an automatic refundable tax credit
to an estimated 600,000 small businesses that operate in provinces
where the pollution pricing system applies.
Also, as of today, July 15th,
households in provinces that use the federal pollution pricing
system will receive their latest quarterly Canada Carbon Rebate
payment for individuals, putting more money back into Canadians'
pockets. In jurisdictions where the federal carbon pricing system
is in place, eight out of 10 households get back more money through
these rebates than they pay. All direct proceeds collected are
returned to the province or territory in which they were collected.
The federal carbon pricing system helps cut pollution while
supporting household budgets.
A family of four in these provinces receives the following every
three months:
- Alberta: $450
- Saskatchewan: $376
- Manitoba: $300
- Ontario: $280
- New Brunswick: $190
- Prince Edward Island:
$220
- Nova Scotia: $206
- Newfoundland and Labrador: $298
To further recognize rural Canadians' higher energy needs and
more limited access to cleaner transportation options, the
government doubled the rural supplement available for households in
rural areas and smaller communities from 10 percent to 20 percent
of their base Canada Carbon Rebate amount.
To estimate their potential rebate, eligible residents can use
the Canada Carbon Rebate estimator tool for individuals.
Carbon pollution pricing is the
cornerstone of Canada's
comprehensive plan to lower emissions and build a more sustainable
and prosperous future for all Canadians.
Quotes
"Pricing pollution works. It is the most cost-effective and
proven way to cut emissions, while all revenues are returned to
Canadians. The impacts of climate change aren't pausing, and we
can't afford to, either. The Canada Carbon Rebate puts more money
in your pocket every three months. It means Canadians have extra
cash on hand for groceries, rent, and the things that matter. This
is what climate action is all about—supporting the middle class
while leaving a better world for future generations."
– The Honourable Steven Guilbeault, Minister of Environment and
Climate Change
"Small and medium-sized businesses are Canada's economic engine, employing nearly two
thirds of all Canadian workers. We are empowering our entrepreneurs
to scale-up their ideas, grow their businesses, and create good,
sustainable jobs, by delivering the tools they need to succeed—like
the Canada Carbon Rebate. When carbon pollution pricing is done
right, all Canadians—including entrepreneurs and
businesses—benefit."
– The Honourable Chrystia Freeland, Minister of Finance
"Small and medium businesses in Canada play a vital role in our economy and
communities. They drive local economies, provide employment
opportunities, and embody the entrepreneurial spirit. With the
upcoming introduction of the Canada Carbon Rebate for Small
Businesses, our government is fulfilling its promise to
return proceeds from the price of pollution directly to SMEs
in provinces under the federal pricing system."
– The Honourable Marie-Claude Bibeau, Minister of National
Revenue
"The return of these pollution pricing proceeds are empowering
Canadians and encouraging cleaner growth and a more sustainable
future. We need to listen to economists, scientists, youth, our
communities, and our businesses. It is essential that our
businesses can thrive so they can continue being the bedrock of our
communities and our economy."
– Arielle Kayabaga, Member of Parliament for London West
Quick facts
- Carbon pollution pricing is
the simplest and most cost-effective way to cut the pollution
driving climate change and build a cleaner economy. Without it, it
would cost Canada $20 to $48 billion
more in subsidies to achieve the same emission reductions by
2030.
- Canada Carbon Rebate payments are made every three months via
direct deposit or cheque to eligible households who have filed
their 2023 personal income tax return.
- The first of four quarterly Canada Carbon Rebate payments for
the federal pollution pricing system was issued in mid-April 2024, with subsequent quarterly
payments coming in mid-July, mid-October, and mid-January 2025.
- The Canada Carbon Rebate for Small Businesses was first
announced in Budget 2024.
- The Canada Carbon Rebate for Small Businesses is estimated to
return fuel charge proceeds from 2019–2020 through 2023–2024 to
approximately 600,000 businesses that operate in provinces where
the federal fuel charge applies.
- The Canada Carbon Rebate for Small Businesses will be available
to eligible Canadian-controlled private corporations that had 499
or fewer employees throughout Canada in the calendar year in which the fuel
charge year begins and that file their 2023 corporate income tax
return no later than July 15,
2024.
Related products
- How Canada's pollution pricing
system works (backgrounder)
Associated links
- How Carbon Pricing Works
- How Pollution Pricing Reduces Emissions
- Canada Carbon Rebate Amounts for 2024–2025
- Canada Carbon Rebate
Environment and Climate Change Canada's X (Twitter) page
Environment and Climate Change Canada's Facebook page
SOURCE Environment and Climate Change Canada