Carbon tax costs Canadian economy $12 billion this year

Author: Franco Terrazzano 2024/06/26

OTTAWA, ON: The Canadian Taxpayers Federation estimates the carbon tax will cost the Canadian economy $12 billion in 2024, based on data published by Environment and Climate Change Canada. 

“The government’s own data shows the carbon tax costs our economy billions of dollars every year,” said Franco Terrazzano, CTF Federal Director. “Prime Minister Justin Trudeau should immediately make life more affordable and help the economy by scrapping his carbon tax.”

The government of Canada released data modelling the economic cost of the carbon tax between 2018 and 2030. Based on this data, the CTF estimates the carbon tax will cost the Canadian economy $12 billion in 2024, or an estimated $295 per person

In 2030, the carbon tax will cost the Canadian economy $30 billion, or an estimated $678 per person based on Statistics Canada population projections. 

The economic cost is the difference between what GDP would be without the carbon tax minus the projected GDP with the carbon tax.

The table at the end of this news release breaks down the economic cost to each province and territory and the economic cost per person this year. 

“The carbon tax costs Canadians big time for gas, home heating bills and everything else,” Terrazzano said. “And the carbon tax is a huge drag on the Canadian economy that we just can’t afford.”

Economic cost of carbon tax (2023 $)


Economic cost 2024

Per person economic cost 


$11.9 billion


British Columbia

$1.7 billion



$1.8 billion



$476 million



$216 million



$4.1 billion



$3.2 billion


New Brunswick

$137 million


Nova Scotia

$103 million


Prince Edward Island

$22 million


Newfoundland and Labrador

$143 million


Northwest Territories

-$15 million



$6 million



$14 million


Note: A negative figure represents an economic benefit.

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Franco Terrazzano
Federal Director at
Canadian Taxpayers

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