Government launches consultations on border carbon adjustments
On August 10, 2021, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland launched consultations on border carbon adjustments, in cooperation with the Minister of Environment and Climate Change, the Honourable Jonathan Wilkinson. To provide context, the government is also releasing today a paper that outlines foundational information and key considerations relating to border carbon adjustments.
Combatting climate change is a global imperative. Canada is doing its part by committing to ambitious climate targets and raising its price on carbon pollution to meet those targets. An emerging global challenge is how to address differing carbon prices among trading partners and more generally, differences in the tools nations use to address the challenge of climate change.
Border carbon adjustments can level the playing field by ensuring that imported goods are subject to the same carbon pricing as domestically produced goods and that exported goods are not disadvantaged in markets with lower, or no, carbon pricing. This, in turn, helps prevent potential carbon leakage, supports emissions reduction, and maintains Canada’s global competitiveness.
Source
Latest Posts in "Canada"
- Tax Court Expands GST/HST Housing Rebate Eligibility in Osagie v. The King Decision
- Leveraging the Taxpayer Bill of Rights During a CRA GST/HST Audit
- New GST Voluntary Disclosure Guidelines: Major Changes to CRA’s VDP Now in Effect
- Navigating GST/HST on Domestic and International Freight Transportation Services in Canada
- Final 2025 GST/HST Credit Payments Released for Eligible Canadians on October 3
