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October 05, 2008

Carbon Tax Math: It's REFUNDABLE so Every Canadian Gets This Tax Refund

I came across a post on an online discussion forums in which someone was expressing real concern about The Green Shift and his family's bottom line. Here's how I addressed his concerns:

Dollarsign You were asking about how the Green Shift carbon tax credit would affect a very low income family (a family that pays no tax). I wanted to get a real answer for your question so I ran $10,000 family income with one kid through the calculator at thegreenshift.ca and the calculator told me that such a family would get $2129 annually or $177 monthly. This is because Dion is talking about REFUNDABLE tax credits.

Where you get burned and probably have been burned before is with non-refundable tax credits. The Child Tax Credit, The Child Fitness Tax Credit, and the new art supplies/lessons credit that Stephen Harper was talking about during the campaign are all NON-REFUNDABLE. If you don't make enough money, they mean nothing to you.

So you're wise to be skeptical. Always ask if it's REFUNDABLE or NON-REFUNDABLE so you'll know what's actually being offered.

The good news is that the Green Shift offers real money to Canadians in all income levels. Use the calculator and see for yourself. I hope this helps.

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