Podcast #194 - Jason Christoff - Canada's Carbon Tax Kill Shot

1) After the April 1 hike, the carbon tax will cost the average family up to $911 more than they get back in rebates Source: Parliamentary Budget Officer: https://distribution-a617274656661637473.pbo-dpb.ca/7590f619bb5d3b769ce09bdbc7c1ccce75ccd8b1bcfb506fc601a2409640bfdd 2) The carbon tax will cost Canadian farmers $1 billion by 2030 Source: Parliamentary Budget Officer: https://www.pbo-dpb.ca/en/additional-analyses--analyses-complementaires/BLOG-2324-002-M--bill-c-234-extension-exemption-qualifying-farming-fuel-marketable-natural-gas-propane-updated-cost-e--projet-loi-c-234-elargissement-exemption-qui-applique-combustible-agricole-admissible-inclure-gaz-na 3) The GST is charged on top of the carbon tax. This tax-on-tax costs Canadians $500 million this year Source: Parliamentary Budget Officer: https://www.pbo-dpb.ca/en/publications/LEG-2324-019-S--eliminating-goods-services-tax-in-respect-carbon-pricing--elimination-taxe-produits-services-relativement-tarification-carbone 4) Taxes make up more than 45% of the average family's annual budget Source: Fraser Institute: https://www.fraserinstitute.org/studies/taxes-versus-necessities-of-life-canadian-consumer-tax-index-2023-edition 5) The federal government takes about $600 million in income taxes from Canadians every day (personal income tax). Source: Federal Fall Economic Statement: https://budget.canada.ca/fes-eea/2023/report-rapport/FES-EEA-2023-en.pdf 6) Interest charges on the federal debt will cost taxpayers $52 billion in 2024. In 2024, the feds will spend more on debt interest charges then they will on health transfers to the provinces. In 2028, every penny collected from the GST will go toward paying interest charges on the debt. Source: Federal Fall Economic Statement: https://budget.canada.ca/fes-eea/2023/report-rapport/FES-EEA-2023-en.pdf 7) The Trudeau government has doubled the federal debt (it's 97% but close enough). -- Franco Terrazzano Federal Director Canadian Taxpayers Federation Phone | 403.918.3532 USE_StandUp_Logo_boxshape (small) Get free e-mail updates Follow me on Twitter @franco_nomics