Carbon Rebate estimator calculates payments from today News

The first of four carbon credits will be sent out on April 15, and the Government of Canada has launched a new Canada Carbon Credits estimator to help families know their potential payment amount.

No background information is required – you just need to answer four simple questions to find out how much you can earn.

The rebate reimburses Canadians with fuel surcharges via direct deposit or check every three months in jurisdictions where the federal fuel surcharge applies, with subsequent quarterly payments deposited or mailed by April 15.

To receive the April 15 payment, you must have filed your income tax and benefit return electronically on or before March 15, 2024. If your tax return is filed after this date, you can usually expect to receive your relief payment six to eight weeks after your tax return is settled.

The next quarterly installments will be delivered in July, October and January 2025.

The federal program, which has been at the center of a firestorm since the rise of provincial premiers, including Ontario Premier Doug Ford, aims to reduce greenhouse emissions through taxation and also offers rebates from revenues to help those who qualify offset the high cost of fuel.

Most Ontarians will receive at least $140 a quarter in carbon price credits, up from $122 last year. A family of four can get $280 in quarterly payments. If you have a spouse or common-law partner, the first person to file a tax return will get the general family credit. It doesn't matter who gets the discount because the total amount is the same.

Pricing carbon pollution is one of the simplest and most effective ways to reduce greenhouse gas pollution that causes climate change, the Ministry of Environment and Climate Change said in a statement on April 15, adding that a federal carbon pricing system has been developed. making life affordable by putting money in the family's pocket.

According to the ministry, eight out of 10 households in Canada get more money back from carbon credits from fuel prices than they spend on carbon pricing, with lower-income households benefiting more.

Rural Canadians will also receive a 20 percent increase after appropriate legislation passes through Parliament. This is higher than the current 10 percent supplement given the high energy needs of rural residents and access to clean transportation options.

“Price pollution works. This will keep us on track to meet our climate goals, and Canadian carbon credits will help low- and middle-income Canadians more than those with yachts and four-car garages,” said Stephen Guilbeau, Minister of Environment and Climate Change. statement.

“Climate-related impacts cost the average Canadian household $720 a year and could rise to $2,000 a year by 2050 without significant additional measures to reduce emissions. We need to listen to scientists, youth, communities and our businesses. The price of pollution is a better climate for our children and grandchildren.” the most effective and cost-effective tool we have for building the future.

Without Canada's carbon pricing plan, Canada's emissions would have been about 18 million tonnes higher in 2021, according to the ministry.

The tax will increase by $15 annually until 2030.