Cancelling Cap and Trade Costing Province Billions, Says Accountability Report

Ford Government Vow To Cancel Program Losing More in Revenue than Program Cost to Run

Looks like cancelling cap-and-trade will cost a pretty penny after all.

The province’s Financial Accountability Office today released a report that indicates the loss of revenue from the PC government cancelling the program will be greater than the savings expected from cutting spending associated with the program, pegging the loss at 3 billion dollars over the next four years.

The FAO also says that in the long run, the cap and trade system would have cost Ontario families less than the federal carbon tax. Today’s report indicates that the typical Ontario household would shell out about $312 in additional costs by 2022 under the old cap and trade, compared to just under $650 under the federal system in that same year.

Doug Ford campaigned on ending cap and trade within the province and has since vowed to fight a legal battle against the feds over the carbon tax.