Ontario’s government is taking the final step to end the cap and trade carbon tax.

The government has finalized the compensation for the eligible participants of the former program, which amounts to a total of $5,090,000. This is consistent with the government’s initial estimate of the final costs and commitment to wind down the program in a responsible way that minimizes impacts to hardworking taxpayers.

“This closes the book on the cap and trade carbon tax era in Ontario. But in one week, the federal government will impose a brand-new job-killing carbon tax, punishing the hardworking people of Ontario,” said Premier Doug Ford. “Our government remains part of a growing coalition of provinces across Canada that oppose this cash-grab, which raises the cost of essentials like home heating and gasoline.”

“While some cited that the wind down of cap and trade would cost taxpayers billions of dollars, we are delivering on our commitment to orderly and transparent wind down of the cap and trade program that respects taxpayers,” said Rod Phillips, Minister of the Environment, Conservation, and Parks. “This will be the final chapter in our promise to Ontario families to eliminate the ineffective cap and trade program, putting up to $260 per household back in the pockets of the people of Ontario.”

Notices of the final compensation were sent to participants who applied under the Cap and Trade Cancellation Act, 2018.

“Ontario remains committed to reducing greenhouse gas emissions, fighting climate change and protecting our environment without a carbon tax,” said Phillips. “Solutions such as our proposed emissions performance standards, a key part of our Made-in-Ontario Environment Plan, will help us achieve Ontario’s share of our emission reduction targets while recognizing the unique circumstances of our economy. After all, you can fight climate change without a carbon tax.”