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Need to know news

The federally imposed carbon tax will be implemented in the Yukon as of July 1, 2019. The tax starts at $20 per tonne of greenhouse gas emissions, or about a 4.42 cents tax on each litre of gas. This month, the Yukon government announced how they will rebate the revenue collected back to Yukoners.

Over the first year of the carbon tax, individuals will pay about $84 on average in carbon tax. To return the money, the government will issue rebates in October and another in April of 2020 – at a payment of $43 each. The tax and rebates will continue to grow as the tax increases to $50 a tonne by 2023-24.

Businesses, who consume about 46 per cent of total fuel use in the territory, will be get back 51 per cent of the revenues. The money will be returned via refundable income tax credits on their tax return. Money will also be put towards tax credits to encourage investments in clean energy generation and energy conservation equipment.