New clean fuel regulations to raise gas prices, affect low-income Canadians most
OTTAWA -
New federal regulations to force down the greenhouse gas emissions from gasoline and diesel will cost Canadians up to 13 cents more per litre at the pump by 2030.
An impact analysis of the Clean Fuel Regulations published Wednesday estimates they will cut about 18 million tonnes of greenhouse gas emissions in 2030, or five to six per cent of what Canada needs to eliminate to meet its current targets for that year.
It will cost between $22.6 billion and $46.6 billion for refineries and other fuel suppliers to comply, or an average of about $151 per tonne of emissions reduced.
The impact will shave $9 billion off of Canada's GDP, and hike gasoline prices between six and 13 cents a litre in 2030 when the full scope of the regulations is in effect.
That could cost between $76 and $174 per vehicle, or up to $301 per household.
The analysis says there will be a disproportionate cost impact on lower-income families, single mothers and seniors, who are more vulnerable to fluctuations in energy costs and are the least likely to be able to afford alternatives like electric vehicles.
This report by The Canadian Press was first published June 30, 2022.
YOUR FINANCES
How one Canadian family of five is coping with the highest inflation in years
With inflation rising at its fastest pace in nearly 40 years, the cost of everything from food to gas has skyrocketed. Canadians across the country are feeling squeezed, but big families with multiple children are at times shouldering much of the higher costs — and changing demographics and consumer patterns have left some of them more exposed to inflation than in previous generations.
How to get into the housing market if you're gen Z or millennial
For millennial and gen Z Canadians, owning a home in this real estate market might seem like a pipe dream. In an exclusive column for CTVNews,ca personal finance contributor Christopher Liew offers some strategies to consider if you can’t afford the housing market yet.
Old age security increase leaves out many seniors, non-profit says
The Canadian Association for Retired Persons is raising alarms about the increase in old age security only being made eligible for those 75 and above.
Rising cost of living taking toll on Canadians living off disability benefits
The rising cost of living is exacerbating the challenge for many Canadians living on fixed disability income to pay for food and housing.
Savings are slowly dripping away as deposit interest lags far behind inflation
The savings accounts of Canadians have sprung a leak. As inflation tops eight per cent, anyone with money in the bank is seeing their savings drip away at the fastest rate on record because interest rates for savings accounts, still largely languishing at around one per cent, haven't kept up.
Cost-of-living increases have Canadian parents worried about opportunities for their children
With inflation at a nearly 40-year high, Canadians are feeling the financial strain. In a six-part series this summer, people at different stages of their lives detail where they're being hit the hardest.
Buying vs. renting: Should the ultimate goal be to own real estate?
While there are many perks to owning a property, renting your home comes with benefits as well. So, how should you decide whether to buy or rent your home? Personal finance columnist Christopher Liew breaks it down in an exclusive column for CTVNews.ca.
After pandemic pivots, where have Canadian workers gone?
Restaurants, airlines, schools and nursing homes are at the sharp end of a labour crunch that's afflicted employers all year long. Others, grappling with burnout in precarious or stressful work environments, simply walked away. So if workers are leaving their jobs, where are they going?