Ontario introduces legislation to end cap-and-trade “carbon tax” era
August 3, 2018 —Ontario Minister of the Environment Rod Phillips recently announced details of legislation that would, if passed, formally end the cap-and-trade program in Ontario.
The provincial government says the average Ontario family will receive $260 in annual savings by eliminating the tax.
The government’s announced legislation will include a plan to compensate eligible participants of the program, including the development of new regulations. Participants eligible for compensation must meet the following criteria:
• Participants who were required to participate in the cap-and-trade program
• Participants whose accumulated costs are currently above and beyond their assessed emissions
• Participants who did not pass program costs down to consumers
All programs currently funded through the cap-and-trade program have been cancelled, including the immediate wind down of the Green Ontario Fund. The province revoked the tax regulation and prohibited all trading of emission allowances effective July 3, 2018.
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