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The national tax on pollution rose by $15 per tonne as of April 1. Here’s some questions answered about what this could mean for you.
Business
Here’s how much Canadians can get in rebate after hike in carbon tax
B.C. and Northwest Territories both have their own, very similar carbon charge for consumers. Quebec has a cap-and-trade system that is quite different, but is considered equivalent by Ottawa to what the federal price both costs and cuts in terms of emissions.
What is the consumer carbon levy applied to?
The fuel charge is added to the price of more than 20 different fuel sources that produce greenhouse gas emissions when burned for energy, including gasoline, propane, diesel and natural gas. The additional cost to each fuel depends on how many greenhouse gases are produced when that fuel is burned to make energy.
A litre of diesel produces more carbon dioxide than a litre of gasoline, for example, so the carbon tax is higher on a litre of diesel than it is on gasoline.
What is this increase going to do to the price of fuel?
The impact will be similar in all provinces but Quebec.
Gasoline: Going from $65 per tonne to $80, means the carbon tax on a litre of gasoline will now be 17.6 cents per litre, up 3.3 cents per litre from before. That means filling a 50 litre tank from empty will cost about $8.80 in carbon tax, about $1.65 more than before.
Propane: The price for propane will now include 12.38 cents a litre in carbon tax, up from 10.08 cents. A standard 20-pound barbecue propane tank will cost about $2.20 in carbon tax to fill, compared with $1.78 over the last year.
Natural gas: On average in Canada, households use about 2,280 cubic metres of natural gas in a year, mostly for heat. At $80 per tonne, the carbon tax will add 15.3 cents to a cubic metre of natural gas, up from 12.4 cents previously. That amounts to an annual carbon tax bill for natural gas of about $347 on average, compared with $282 over the last year.
Food and clothing and other goods: There are indirect costs of carbon pricing, as companies that pay the price themselves increase the cost of their goods and services to keep pace. The amounts vary by industry, but Statistics Canada estimated that carbon pricing increased the price of food by about 0.3 per cent and the price of clothes by two per cent since its inception. The effect of the latest increase has yet to be determined.
When is the next rebate payments and how much can Canadians get?
The provinces that pay the federal carbon tax also receive the federal rebate. B.C. and Northwest Territories in turn provide their own rebates that are slightly different.
B.C.’s rebate, for example, is income based, and about one-third of all households in the province don’t qualify for it.
The federal rebate, which is deposited or mailed out four times a year, is divided among households based on family size, not by income. Each year Environment and Climate Change Canada calculates the expected revenues from carbon pricing in each province, and by law has to return 90 per cent of those revenues in rebates. Part of the remaining 10 per cent goes to increase rural resident rebates by 20 per cent. Some of the rest is earmarked to help businesses become more fuel efficient, but those programs have been very slow to roll out. Most businesses haven’t received anything in the five years since carbon pricing began.
The rebates increase as the price increases, however this year many households in the Atlantic provinces won’t see an increase. That’s because almost one-third of households in those provinces use heating oil and since October have been exempted from paying the carbon tax. That reduction is reflected in the rebate amounts.
The next rebate payment is due on April 15. Here are the quarterly amounts, by province, for an individual, a couple, and a family of four. In a single parent households, the first child is treated the same as a spouse for the rebate amount.
Rural residents, who tend to drive longer distance, are to receive 20 per cent more.
Yukon and Nunavut pay the federal carbon tax but have their own unique rebate programs.
Alberta
Single: $225 Couple: $337.50 Family of four: $450
Saskatchewan
Single: $188 Couple: $282 Family of four: $376
Manitoba
Single: $150 Couple: $225 Family of four: $300
Ontario
Single: $140 Couple: $210 Family of four: $280
New Brunswick
Single: $95 Couple: $142.50 Family of four: $190
Nova Scotia
Single: $103 Couple: $154.50 Family of four: $206
Prince Edward Island
Single: $110 Couple: $165 Family of four: $220*
*All households in P.E.I. are considered rural and the rebates for all include the 20 per cent top up.
Newfoundland and Labrador
Single: $149 Couple: $223.50 Family of four: $298
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Tokyo-based SoftBank Group Corp. reported Tuesday a fiscal second quarter profit of nearly 1.18 trillion yen ($7.7 billion), compared with a 931 billion yen loss in the year-earlier period.
Quarterly sales edged up about 6% to nearly 1.77 trillion yen ($11.5 billion).
SoftBank credited income from royalties and licensing related to its holdings in Arm, a computer chip-designing company, whose business spans smartphones, data centers, networking equipment, automotive, consumer electronic devices, and AI applications.
The results were also helped by the absence of losses related to SoftBank’s investment in office-space sharing venture WeWork, which hit the previous fiscal year.
WeWork, which filed for Chapter 11 bankruptcy protection in 2023, emerged from Chapter 11 in June.
SoftBank has benefitted in recent months from rising share prices in some investment, such as U.S.-based e-commerce company Coupang, Chinese mobility provider DiDi Global and Bytedance, the Chinese developer of TikTok.
SoftBank’s financial results tend to swing wildly, partly because of its sprawling investment portfolio that includes search engine Yahoo, Chinese retailer Alibaba, and artificial intelligence company Nvidia.
SoftBank makes investments in a variety of companies that it groups together in a series of Vision Funds.
The company’s founder, Masayoshi Son, is a pioneer in technology investment in Japan. SoftBank Group does not give earnings forecasts.
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Yuri Kageyama is on X:
The Canadian Press. All rights reserved.
Shopify Inc. executives brushed off concerns that incoming U.S. President Donald Trump will be a major detriment to many of the company’s merchants.
“There’s nothing in what we’ve heard from Trump, nor would there have been anything from (Democratic candidate) Kamala (Harris), which we think impacts the overall state of new business formation and entrepreneurship,” Shopify’s chief financial officer Jeff Hoffmeister told analysts on a call Tuesday.
“We still feel really good about all the merchants out there, all the entrepreneurs that want to start new businesses and that’s obviously not going to change with the administration.”
Hoffmeister’s comments come a week after Trump, a Republican businessman, trounced Harris in an election that will soon return him to the Oval Office.
On the campaign trail, he threatened to impose tariffs of 60 per cent on imports from China and roughly 10 per cent to 20 per cent on goods from all other countries.
If the president-elect makes good on the promise, many worry the cost of operating will soar for companies, including customers of Shopify, which sells e-commerce software to small businesses but also brands as big as Kylie Cosmetics and Victoria’s Secret.
These merchants may feel they have no choice but to pass on the increases to customers, perhaps sparking more inflation.
If Trump’s tariffs do come to fruition, Shopify’s president Harley Finkelstein pointed out China is “not a huge area” for Shopify.
However, “we can’t anticipate what every presidential administration is going to do,” he cautioned.
He likened the uncertainty facing the business community to the COVID-19 pandemic where Shopify had to help companies migrate online.
“Our job is no matter what comes the way of our merchants, we provide them with tools and service and support for them to navigate it really well,” he said.
Finkelstein was questioned about the forthcoming U.S. leadership change on a call meant to delve into Shopify’s latest earnings, which sent shares soaring 27 per cent to $158.63 shortly after Tuesday’s market open.
The Ottawa-based company, which keeps its books in U.S. dollars, reported US$828 million in net income for its third quarter, up from US$718 million in the same quarter last year, as its revenue rose 26 per cent.
Revenue for the period ended Sept. 30 totalled US$2.16 billion, up from US$1.71 billion a year earlier.
Subscription solutions revenue reached US$610 million, up from US$486 million in the same quarter last year.
Merchant solutions revenue amounted to US$1.55 billion, up from US$1.23 billion.
Shopify’s net income excluding the impact of equity investments totalled US$344 million for the quarter, up from US$173 million in the same quarter last year.
Daniel Chan, a TD Cowen analyst, said the results show Shopify has a leadership position in the e-commerce world and “a continued ability to gain market share.”
In its outlook for its fourth quarter of 2024, the company said it expects revenue to grow at a mid-to-high-twenties percentage rate on a year-over-year basis.
“Q4 guidance suggests Shopify will finish the year strong, with better-than-expected revenue growth and operating margin,” Chan pointed out in a note to investors.
This report by The Canadian Press was first published Nov. 12, 2024.
Companies in this story: (TSX:SHOP)
The Canadian Press. All rights reserved.
TORONTO – RioCan Real Estate Investment Trust says it has cut almost 10 per cent of its staff as it deals with a slowdown in the condo market and overall pushes for greater efficiency.
The company says the cuts, which amount to around 60 employees based on its last annual filing, will mean about $9 million in restructuring charges and should translate to about $8 million in annualized cash savings.
The job cuts come as RioCan and others scale back condo development plans as the market softens, but chief executive Jonathan Gitlin says the reductions were from a companywide efficiency effort.
RioCan says it doesn’t plan to start any new construction of mixed-use properties this year and well into 2025 as it adjusts to the shifting market demand.
The company reported a net income of $96.9 million in the third quarter, up from a loss of $73.5 million last year, as it saw a $159 million boost from a favourable change in the fair value of investment properties.
RioCan reported what it says is a record-breaking 97.8 per cent occupancy rate in the quarter including retail committed occupancy of 98.6 per cent.
This report by The Canadian Press was first published Nov. 12, 2024.
Companies in this story: (TSX:REI.UN)
The Canadian Press. All rights reserved.
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