The Canadian Taxpayers Federation (CTF) has called on the federal government to scrap its second carbon tax following the release of documents showing it will cost the economy $9 billion by 2030.The second carbon tax is embedded within the Clean Fuel Regulations (CFR), which took effect in 2023. “This is another government report that shows carbon taxes are a big drag on the economy that Canadians can’t afford,” said CTF Federal Director Franco Terrazzano in a Tuesday press release. “The second carbon tax alone will cost average families hundreds and even thousands of dollars.”The CFR requires producers to reduce the carbon content of their fuels. If producers cannot meet the requirements, they must purchase credits, increasing costs that are passed onto Canadians purchasing gas or diesel. Canadian government documents show the second carbon tax will lead to an overall GDP decrease of up to $9 billion in 2030. The documents were tabled by Environment and Climate Change Canada in the House of Commons because of an order paper question filed by Conservative MP John Barlow (Foothills, AB). Environment and Climate Change Canada determined the first carbon tax will cost the Canadian economy $30 billion by 2030.The Parliamentary Budget Officer (PBO) estimated the second carbon tax will cost the average household between $384 and $1,157 in 2030 depending on the province.“Canada’s own emissions are not large enough to materially impact climate change,” said the PBO. The PBO said the second carbon tax will increase the price of gas by up to 17 cents per litre and the price of diesel up to 16 cents per litre by 2030.“Prime Minister Justin Trudeau can make life more affordable and help our economy by scrapping his carbon taxes,” said Terrazzano. LFX Associates said in 2022 the CFR will lead to Canadian workers spending more than $1,200 per year on average..'Clean fuel' to cost Canadians more than $1,200 per year.“The direct and indirect economic costs to households add up to $1,277 annually per employed person,” said LFX Associates. “This takes into account increased energy costs, lower wages, lower capital earnings and increased indirect costs throughout the rest of the economy.”
The Canadian Taxpayers Federation (CTF) has called on the federal government to scrap its second carbon tax following the release of documents showing it will cost the economy $9 billion by 2030.The second carbon tax is embedded within the Clean Fuel Regulations (CFR), which took effect in 2023. “This is another government report that shows carbon taxes are a big drag on the economy that Canadians can’t afford,” said CTF Federal Director Franco Terrazzano in a Tuesday press release. “The second carbon tax alone will cost average families hundreds and even thousands of dollars.”The CFR requires producers to reduce the carbon content of their fuels. If producers cannot meet the requirements, they must purchase credits, increasing costs that are passed onto Canadians purchasing gas or diesel. Canadian government documents show the second carbon tax will lead to an overall GDP decrease of up to $9 billion in 2030. The documents were tabled by Environment and Climate Change Canada in the House of Commons because of an order paper question filed by Conservative MP John Barlow (Foothills, AB). Environment and Climate Change Canada determined the first carbon tax will cost the Canadian economy $30 billion by 2030.The Parliamentary Budget Officer (PBO) estimated the second carbon tax will cost the average household between $384 and $1,157 in 2030 depending on the province.“Canada’s own emissions are not large enough to materially impact climate change,” said the PBO. The PBO said the second carbon tax will increase the price of gas by up to 17 cents per litre and the price of diesel up to 16 cents per litre by 2030.“Prime Minister Justin Trudeau can make life more affordable and help our economy by scrapping his carbon taxes,” said Terrazzano. LFX Associates said in 2022 the CFR will lead to Canadian workers spending more than $1,200 per year on average..'Clean fuel' to cost Canadians more than $1,200 per year.“The direct and indirect economic costs to households add up to $1,277 annually per employed person,” said LFX Associates. “This takes into account increased energy costs, lower wages, lower capital earnings and increased indirect costs throughout the rest of the economy.”
