More proof carbon taxes make life more expensive
- Media Manager
- Aug 25, 2023
- 1 min read
Toronto Sun
Written By: Franco Terrazzano
Published: August 26th, 2023
“Nova Scotians saw prices at the pump increase by 14% in July compared with June,” Statistics Canada reported. “The introduction of the federal carbon levy in the province and higher wholesale prices contributed to higher gasoline prices.”
It’s not just Statistics Canada.
Canada Revenue Agency shows the carbon tax currently increases the price of gasoline by 14¢ per litre, the price of diesel and home heating oil by 17¢ per litre and the price of natural gas by 12¢ per cubic metre.
The Bank of Canada is the federal government’s central bank and is tasked with keeping inflation low.
“If the charge were to be removed from the three main fuel components of the consumer price index (gasoline, natural gas and fuel oil) it would reduce the inflation rate by 0.4 percentage points,” the Bank of Canada wrote in a note to Parliament’s finance committee.
“Most households will see a net loss, paying more in fuel charges and GST, as well as receiving lower incomes, compared to the Climate Action Incentive payments they receive and lower personal income taxes they pay,” according to the PBO.
The carbon tax will cost the average family between $347 and $710 this year, even after the rebates are factored in, according to the PBO.
