GOLDSTEIN: Trudeau’s carbon tax to raise $6.21 billion annually by 2023
Ottawa’s non-partisan parliamentary budget office has finally given Canadians some independent numbers on the impact of Prime Minister Justin Trudeau’s carbon tax on the four provinces — so far — where he’s imposed it.
The report by economic analyst Nasreddine Ammar says carbon pricing will raise taxes $2.63 billion this year in Ontario, Saskatchewan, Manitoba and New Brunswick, rising to $6.21 billion in 2023-24.
Most of that money will come from the impact of the carbon tax on gasoline for residential and business use, home heating fuels and electricity rates — $2.43 billion this year, rising to $5.77 billion in 2023-24.
The rest will come from indirect charges paid by industrial emitters that will eventually be passed along to consumers in higher retail prices.
The lion’s share of the money, over 75%, will be paid by consumers living in Ontario, the largest province, although households in Saskatchewan will incur the highest annual costs because of its intensive use of fossil fuel energy.
