Carbon tax costs Canadian economy $12 billion this year

OTTAWA, ON: 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.

“The government’s own data shows the carbon tax costs our economy billions of dollars every year,” said Franco Terrazzano, CTF Federal Director. “Prime Minister Justin Trudeau should immediately make life more affordable and help the economy by scrapping his carbon tax.”

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 Canadian economy $12 billion in 2024, or an estimated $295 per person.

In 2030, the carbon tax will cost the Canadian economy $30 billion, or an estimated $678 per person based on Statistics Canada population projections.

The economic cost is the difference between what GDP would be without the carbon tax minus the projected GDP with the carbon tax.

The table at the end of this news release breaks down the economic cost to each province and territory and the economic cost per person this year.

“The carbon tax costs Canadians big time for gas, home heating bills and everything else,” Terrazzano said. “And the carbon tax is a huge drag on the Canadian economy that we just can’t afford.”

Economic cost of carbon tax (2023 $)

Note: A negative figure represents an economic benefit.

For more information or to schedule interviews, please contact:

Franco Terrazzano
CTF Federal Director
Phone: 403.918.3532
Email: fterrazzano@taxpayer.com