The Canadian Taxpayers Federation estimates the carbon tax will cost the Canadian economy $12 billion in 2024, based on data published by Environment and Climate Change Canada.
Kris Sims
“The Trudeau government’s own data shows the carbon tax costs our economy billions of dollars every year,” said Kris Sims, CTF Alberta Director. “With working people fighting just to afford the basics, Ottawa needs to do the right thing and scrap this carbon tax now.”
The Federation said the Government of Canada released data modelling the economic cost of the carbon tax between 2018 and 2030. Based on this data, the CTF estimates the carbon tax will cost the Alberta economy $1.8 billion in 2024, or $372 per person. In 2030, the carbon tax will cost the Canadian economy $30 billion, or $678 per person.
The economic cost is the difference between what GDP would be without the carbon tax minus the projected GDP with the carbon tax, it said
Franco Terrazzano
“The carbon tax costs Canadians big time for gas, home heating bills and everything else,” said Franco Terrazzano, CTF Federal Director. “And the carbon tax is a huge drag on the Canadian economy that we just can’t afford.”
Economic cost of carbon tax (2023 $)
| Region | Economic cost 2024 | Per person economic cost |
| Canada | $11.9 billion | $295 |
| British Columbia | $1.7 billion | $311 |
| Alberta | $1.8 billion | $372 |
| Saskatchewan | $476 million | $390 |
| Manitoba | $216 million | $150 |
| Ontario | $4.1 billion | $258 |
| Quebec | $3.2 billion | $361 |
| New Brunswick | $137 million | $169 |
| Nova Scotia | $103 million | $99 |
| Prince Edward Island | $22 million | $122 |
| Newfoundland and Labrador | $143 million | $274 |
| Northwest Territories | -$15 million | -$324 |
| Yukon | $6 million | $136 |
| Nunavut | $14 million | $352 |
Note: A negative figure represents an economic benefit.
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list. He was also named by RETHINK to its global list of Top Retail Experts 2024.
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