For some Canadians, the first carbon credits remain in place today until 2024

Content of the article

OTTAWA — The first installment of Canada's 2024 carbon credits will be delivered to some Canadians today when they file their taxes by mid-March.

Content of the article

Canadians living in Alberta, Saskatchewan, Manitoba, Ontario and all four Atlantic provinces will receive the first of four payments today if they file their 2023 taxes by March 15.

Content of the article

Those who file their taxes starting March 15 will see their first installment on May 15, while those who file after today will have to wait until June or July.

Fees are based on household size and range from $190 in New Brunswick to $450 in Alberta for a family of four.

Ottawa has also launched a new online estimator that shows how much you should get in benefits.

To make the rebates clearer, Ottawa renamed them “Canadian Carbon Credits” this year, but is still negotiating with major banks to change how they are labeled when deposits appear in your account.

Content of the article

Content of the article

Ottawa has been battling with banks over how deposits are set since moving to quarterly payments for benefits in 2022.

When payments show up with vague labels like “EFT Deposit from Canada,” “EFT Credit Canada,” many Canadians are confused or don't even know they've received a discount. or sometimes simply “federal payment.”

The federal government has asked banks to help label them under the old name — the climate action incentive payment — but some have disputed the 15-character limit to describe the deposit.

Deposits are labeled differently depending on where you bank, some with the full Canadian Carbon Rebate name, others abbreviated to “CDACarbonRebate” or “Canada CCR/RCC.”

Content of the article

In French, signs may read “Carbone RemiseCA” or “Depot direct/Remise canadienne sur carbone”.

The rebates are sent to offset the carbon price payments people make when they buy fuel, so they are worse off as a result.

People who take action to reduce their fuel consumption are still better off because they still get the rebate but pay less in the carbon price.

The rebate amount is set each year based on how much of the carbon price Ottawa expects to collect in each province.

British Columbia, Quebec and the Northwest Territories have their own carbon pricing system for consumers, so residents don't receive a federal payment. Yukon and Nunavut use the federal system, but have an agreement to share revenue themselves.

The parliamentary budget officer says about 80 per cent of Canadians receive more from benefits than they pay for.

He said the economic impact of a carbon price could reduce wages over time, erasing benefits for some Canadians. However, the government argues that climate change itself could cause economic damage if left unchecked.

Content of the article