The Parliamentary Budget Officer has released an updated report that shows most Canadian households in provinces subject to the carbon tax will receive more in rebates than they pay in taxes by 2030.
However, when factors like reduced employment and income are considered, many households will still face a net financial loss.
The report, released yesterday, notes that lower-income households will benefit the most, but not when economic impacts are included. Higher-income earners will be hit harder as they’ll face higher costs.
According to Environment and Climate Change Canada, the carbon tax is expected to reduce greenhouse gas emissions by nearly 13 million tonnes by 2030, but it will also lower GDP by 0.6 per cent.
Read the full report here
