03:27:18 EDT Thu 02 May 2024
Enter Symbol
or Name
USA
CA



Royal Bank of Canada
Symbol RY
Shares Issued 1,408,827,582
Close 2024-01-18 C$ 132.52
Market Cap C$ 186,697,831,167
Recent Sedar Documents

Globe says TD, others unhelpful on carbon tax rebates

2024-01-18 09:09 ET - In the News

See In the News (C-TD) Toronto-Dominion Bank

The Globe and Mail reports in its Thursday edition that support for Canada's carbon tax for the control of greenhouse gas emissions appears to be crumbling. Guest columnists Leslie Shiell and Jay Batu write that 42 per cent of those polled want the carbon tax abolished. Yet exempting natural gas from the carbon tax, or eliminating the tax altogether, would actually harm most households. That is because the proceeds from the tax are pooled and then rebated to households in the jurisdiction in which they are collected (British Columbia and Quebec have their own programs). The writers note that research shows most of the population receives more back in the rebate than they pay in the carbon tax, and this is especially true at middle- and lower-income levels. For the many recipients who receive the rebate as a direct deposit in their bank accounts, there is clearly a labelling problem. Most banks use unhelpful descriptors. Only one, RBC, has followed the government's guideline for the deposit label, with "Climate Action Incentive CANADA." The remaining seven banks -- TD, Scotiabank, BMO, HSBC, CIBC, Tangerine and Simplii -- are uninformative regarding the nature of the deposit. TD, for instance, calls it "Canada CAI."

© 2024 Canjex Publishing Ltd. All rights reserved.