Government returning over $2.5 billion in fuel charge proceeds to small- and medium-sized businesses
The table below was updated on June 30, 2023, to include 2023-24 fuel charge proceeds to be returned to New Brunswick through programming supporting small and medium-sized enterprises.
Today, the Minister of Finance specifies the Minister of Environment and Climate Change as the Minister responsible for providing federal programming to support small- and medium-sized enterprises in emission-intensive, trade-exposed sectors, by returning pollution pricing fuel charge proceeds. The Minister of Finance also specifies the period of 2019-20 through 2023-24 as the period in respect of which the fuel charge proceeds amounts may be disbursed, in keeping with her authority under the Budget Implementation Act, 2019, No. 1.
This amounts to over $2.5 billion that will be returned to small- and medium-sized businesses.
The Greenhouse Gas Pollution Pricing Act requires the government to return 100 per cent of net fuel charge proceeds to the jurisdiction of origin. In jurisdictions that do not meet the federal benchmark requirements, 90 per cent of proceeds are returned to households in these jurisdictions through Climate Action Incentive payments. The government also committed to returning the remaining proceeds to small businesses and Indigenous groups. Proceeds collected pertaining specifically to the use of propane and natural gas on farms will be returned directly to farmers via tax credits.
The table below sets out the specified amounts available to be returned to small- and medium-sized businesses through programs to be announced by Environment and Climate Change Canada (ECCC).
|Newfoundland and Labrador||n/a||n/a||n/a||n/a||20.1||20.1|
|Prince Edward Island||n/a||n/a||n/a||n/a||4.4||4.4|
1 This column includes the remaining 2019-20 proceeds that have not yet been disbursed through previous federal programming.
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