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Federal government set to issue carbon pricing refunds by end of year

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Federal Carbon Refund
The federal government announced that the carbon rebate for small and medium-sized businesses will get their money before the end of the year.
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The federal government is set to issue long-awaited carbon pricing refunds to small and medium-sized businesses by the end of the year.

Finance Minister Chrystia Freeland announced Tuesday that over $2.5 billion will be sent to around 600,000 businesses by the end of the year.

The refunds cover carbon price revenue from 2019 to 2024 for businesses in areas where the federal fuel charge applies.

How much money each business receives will depend on its location and number of employees.

The federal government is set to issue carbon pricing refunds to small and medium sized businesses – based on the number of employees – by the end of the year. The chart above shows total refunds based on province and number of employees (Photo Courtesy from Department of Finance Canada).

The federal government has also proposed that corporations file their tax returns for 2023 on or before Dec. 31, 2024 to be eligible for a payment.

Corporations that filed their returns before July 15 are expected to receive payment by Dec. 16 by direct deposit, or Dec. 31 by cheque, depending on the method chosen.

READ MORE: Conservative push to force vote of non-confidence fails, again

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