Canada's Ontario government scraps cap-and-trade program

Canada's Ontario government scraps cap-and-trade program

Cap and trade, a carbon tax by another name, raises prices on goods and services rather than the taxes on them. "We know that the premier. promised to get rid of cap and trade and we understand he's moving quickly to fulfill that promise but I think that there are some problems here because there are some questions that haven't been answered", he said.

In an official statement by the Government of Ontario Premier Doug Ford announced that he will immediately move forward with his plan to put money back into "the pockets of the people" by taking the government out of the "carbon business".

Citing the Auditor General, the government stated the cap-and-trade program could cost Ontario consumers and businesses C$8 billion ($6.1 billion), with a minimal impact on the province's carbon emissions.

While the "wind-down" is effective, Ford's government has committed to honoring arrangements or contracts that have already been signed through programs for energy efficiency, insulations, and window retrofits. "We have paused the implementation of this section until we can review this provision in full to make sure it is in the best interest of Ontarians", he says.

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Premier Ford has said his planned 10-cent gas price cut will come courtesy of a almost five-cent reduction in provincial fuel tax, while the balance would be one of the results of eliminating the cap-and-trade program.

By getting Ontario out of the carbon tax business, Ford claims that taxpayers across the province will breathe a sigh of relief. A spokesman for Ford said the ministers' offices are not now staffed and requests for comment should go to the premier's office.

Some of the number crunchers have estimated that Ford's decision could cost Ontario about $420 million in federal transfer payments that were targeted for environmental programs.

The government's website does not list contact information for the newly appointed minister of the environment or any other cabinet members.

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