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Video instructions and help with filling out and completing Are 8850 Form Incentives

Instructions and Help about Are 8850 Form Incentives

Prime Minister Justin Trudeau has revealed the impact of the federal carbon tax on Canadians. Starting next year, provinces that fail to develop their own climate pricing plan will face a carbon tax. This means that polluting will no longer be free in Ontario, Saskatchewan, Manitoba, and New Brunswick. The tax will be $20 for every tonne of greenhouse gas emissions in 2019 and will increase by $10 each year until 2022. The tax will apply to fuel and various production and distribution companies. However, consumers will bear a significant portion of the cost. The amount individuals will pay depends on their location, their energy usage at home, and their transportation habits. The government has estimated that households in Ontario will incur an annual cost of $244, $202 in New Brunswick, $232 in Manitoba, and $403 in Saskatchewan by 2022. When the carbon tax reaches $50 per tonne, the estimated costs will rise to $564 in Ontario, $470 in New Brunswick, $547 in Manitoba, and $946 in Saskatchewan. To offset the burden of these taxes, the government has promised to provide incentive payments called "climate action incentives." The amount of the payment will vary based on the province and household size, ranging from $128 to $609. Rural residents will receive higher payments as they often lack access to public transit. On average, households can expect to receive $300 in Ontario, $248 in New Brunswick, $336 in Manitoba, and $598 in Saskatchewan. It is worth noting that these incentive payments will increase each year. Ultimately, Canadians will have more money in their pockets than what they will pay annually through the new carbon tax. For more information on this topic, please visit Global News dossier.