Carbon tax costs Ontario economy $4.1 billion this year

Author: Jay Goldberg 2024/06/26

Toronto, ON: The Canadian Taxpayers Federation estimates the carbon tax will cost the Ontario economy $4.1 billion in 2024, based on data published by Environment and Climate Change Canada. The cost to the national economy in 2024 will be $12 billion.

“The federal government’s own data shows the carbon tax costs the Ontario economy billions of dollars every year,” said Jay Goldberg, CTF Ontario 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 $295 per person.

In 2030, the carbon tax will cost the Canadian economy $30 billion, or $678 per person.

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,” said Franco Terrazzano, CTF Federal Director. “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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