The first instalment of the 2024 Canada carbon rebate will be delivered to some Canadians today, as long as they filed their taxes by the middle of March.
Canadians living in Ontario, Alberta, Saskatchewan, Manitoba, and all four Atlantic provinces will receive the first of four instalments today if they filed their 2023 taxes by March 15.
Those who filed their taxes since March 15 will see their first instalment on May 15, while those who file after today will wait until June or July.
The payments are based on household size. For a family of four range they range from $190 in New Brunswick to $450 in Alberta.
$1,800 in Alberta ($450 quarterly);
- amounts for a family of four
$1,200 in Manitoba ($300 quarterly);
$1,120 in Ontario ($280 quarterly);
$1,504 in Saskatchewan ($376 quarterly);
$760 in New Brunswick ($190 quarterly);
$824 in Nova Scotia ($206 quarterly);
$880 in Prince Edward Island ($220 quarterly); and,
$1,192 in Newfoundland and Labrador ($298 quarterly).
Ottawa also has just launched a new online estimator that shows how much you should get from the rebates.
In a bid to make the rebates more understandable Ottawa renamed them the "Canada Carbon Rebate" this year but is still negotiating with the big banks about changing how the deposits are labelled when they show up in your account.
Ottawa has been battling with banks about how the deposits are labelled since they moved to quarterly payments for the rebates in 2022.
Many Canadians were confused, or didn’t realize they even got the rebate, when payments showed up with vague labels including "EFT deposit from Canada", "EFT Credit Canada." or sometimes just "federal payment."
The federal government asked the banks to help label them with the old moniker — the climate action incentive payment — but some didn’t arguing they had a 15-character limit for deposit description.
The deposits will be labelled differently depending on where you bank, with some going with the full Canada Carbon Rebate name, others shortening it "CDACarbonRebate" or "Canada CCR/RCC."
In French, the labels could be "Carbone RemiseCA" or "Dépôt direct/Remise canadienne sur carbone."
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The rebates are sent to offset what people pay in carbon pricing when they buy fuel.
People who do things to lower their fuel use are even better off because they still get the same rebate but pay less in carbon pricing.
The rebate amounts are set annually based on how much carbon price Ottawa expects to collect in each province.
British Columbia, Quebec, and Northwest Territories have their own carbon pricing system for consumers, so residents there don’t receive the federal payment. Yukon and Nunavut use the federal system, but have an agreement to distribute the proceeds themselves.
The parliamentary budget officer says about 80 per cent of Canadians get back more from the rebates than they pay.
He also says though, that the economic impact of carbon pricing could lower wages over time, erasing that benefit for some Canadians. The government argues that climate change itself can cause economic harm if it is left unchecked.
banner image: The Canadian Press
