N.W.T. brought in $68.7M in carbon tax revenues last year, netting $14M after payouts
CBC
The N.W.T government collected $68.7 million in carbon-tax revenue last year, generating $14 million in net revenue.
Those figures are included in the territory's 2023-2024 carbon tax report, tabled in the Legislative Assembly this week. The annual report details the territory's carbon pricing results for the year.
The net revenue collected by the government is what's left of its carbon tax revenues after paying out various rebates and grants to residents, businesses and communities.
The $14 million in net revenue goes into the government's general funds, and some is intended to go toward various greenhouse gas (GHG) reduction projects and initiatives. According to the report, these include the Arctic Energy Alliance ($2.74 million) and the territory's Energy Action Plan ($2.15 million).
About 10 per cent of the net revenue — $1.5 million — went to the Community Government Sharing Grant, which was introduced in April 2023 for local governments to invest in emission-reduction projects. The funding is distributed based on population, meaning larger communities receive more.
The report says a new Community Government Sharing Grant is introduced, which allocates 10 per cent of net carbon tax revenue ($1.5 million) to local governments to help offset higher costs associated with the carbon tax.
The funding is distributed based on population, meaning larger communities receive more.
Large emitters and mining operations, such as the Ekati, Diavik, and Gahcho Kué diamond mines, received $25.37 million in carbon tax rebates, which makes up about 37 per cent of the total revenues collected by the government.
The large emitter grant program — where the territory set aside part of each mine's carbon taxes between 2019 and 2023 for emissions-reducing projects — has been discontinued this year.
Last April, as national carbon prices increased, the N.W.T. government suspended its carbon tax on diesel heating fuel for a three-year period, ending in 2027. This was aimed at helping residents who use diesel to heat their homes. However, diesel used for vehicles is still subject to the carbon tax.
The government paid $18 million in cost-of-living offset (COLO) payments to residents across the territory in 2023-24.
The payments are now adjusted regionally, dividing the territory into three zones based on heating fuel use. Residents in colder, higher fuel-use areas receive more money.
A significant change this year is the elimination of the heating fuel rebate, which residents used to receive at the point of purchase.
The report states that the increased COLO payments are meant to help cover the additional costs that residents now face.
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