Carbon Tax in 2030: $170/Tonne

Carbon tax

CBJ — Nobody said going green would be cheap, but the type of staggering figures released by the federal government has many people deeply concerned.

Prime Minister Justin Trudeau released the federal government’s strategy to reduce greenhouse gas emissions by 2030 — and doing so means a gradual carbon tax increase on fuels to $170 per tonne in 10 years.

Additionally, Trudeau says the government is committed to spending $15 billion on climate-change initiatives over the same time period. The money would be used for a variety of projects, including an expansion of the country’s electric vehicle charging infrastructure, rebates and tax write-offs for zero-emissions vehicles and funding for home retrofits.

To provide a comparative to the $170 per tonne figure, the current carbon tax is $30 per tonne.

The carbon tax hike will result in higher costs for the Canadian consumer when purchasing gasoline. Some experts say the price at the gas pumps will increase anywhere between 35 cents and 40 cents per litre when all is said and done.

To compensate for the enormous cost-of-living increase, the government has pledged to continue returning most of the money collected by the program through rebates.

@CanBizJournal

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