Carbon taxes driving food prices higher CanadiansInvest
Could become a much more significant driver of food inflation than climate change itself
Ottawa is currently considering Bill C-234, which would offer farmers a desperately needed carbon-tax exemption for grain drying and barn heating. If no election is called, the bill remains on track to pass both the House and the Senate and become law by summer. According to a report from the Canadian Federation of Independent Business , more than $8 billion will be collected from small businesses through the carbon tax by the end of fiscal 2023, but as little as $35 million will be given back as credit in the form of programs.
In essence, Ottawa needs to help businesses which are part of our agri-food ecosystem. Bill C-234 is just a start. Food processors, artisan shops, and restaurant owners need more and better support, or else, by 2030, the carbon tax will potentially become a much more significant driver of food inflation than climate change itself. That’s right, the policy to penalize polluters could hurt citizens more than climate change, the very thing we are all trying to mitigate.
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