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The Federal Reserve requests banks to help make carbon pricing discount deposits clearer

The Federal Reserve requests banks to help make carbon pricing discount deposits clearer

By Yusra.M Bamatraf

Published: October 17, 2022

Ottawa - Environment Minister Stephen Guilbeault said there is more work to be done with banks after another round of carbon price rebates was issued to Canadians without clarifying why they received the money.

This and the federal carbon price is imposed on the consumer due to the absence of a similar provincial version where rebates go to people in the Prairie provinces and Ontario .

On the other hand, Ottawa is trying to make the rebates clearer by sending them directly to people every three months instead of including them in annual tax refunds.

But when the first new deposits came out in July, most financial institutions dropped them into accounts labeled like "Canada Fed" or "EFT Credit Canada." After receiving complaints and many questions from the public.

 The federal government this time asked banks to specifically label the deposits as "Climate Action Incentive" but not all of them made the change.

Guilbeault says it is "important that Canadians have a clear awareness of the rebates so they fully understand the carbon pricing system and how it affects them.

Editing: Yusri Bamtaraf

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