BC carbon tax will generate $6 billion in tax revenue over the next three years - climate action tax rebate, intended to offset costs to lower income citizens will return just $1 billion
In order to meet Trudeau’s $50 per tonne carbon tax target, BC citizens will pay close to $6 billion in new carbon tax over the next 3 years. On April 1st in British Columbia, the carbon tax rate was increased from $35 tonne to $40 tonne. This translates to an increase on the carbon tax you pay on your gas home heating bills as well as when you fuel up your vehicle. As a result I am increasingly hearing complaints from citizens over higher gas bills and the price at the pumps. One recent question I received was how much higher the carbon tax increases will go ? When Prime Minister Justin Trudeau called for a Pan Canadian agreement on pricing carbon pollution in Canada, it mandated a carbon tax rate of $50 per tonne in 2022. So, April 1st of each year, BC's carbon tax rate will increase until it hits $50 per tonne, currently forecast for April 1, of 2021. In terms of revenue, the BC NDP 2019 provincial budget, over the next three fiscal years, reveals that t...