Small- and medium-sized businesses are set to receive billions of dollars in carbon price rebates long promised by the Liberal government.
The federal budget says five years of rebates worth $2.5 billion will be sent out as the Liberals continue to stand by their carbon pricing system despite political pressure.
More than 600,000 businesses can expect to receive the money as a refundable tax credit later this year as long as their 2023 tax return is filed by mid-July.
Ottawa has battled with banks for years over how the consumer carbon rebate is labelled when it鈥檚 deposited into Canadians鈥� bank accounts.
The Liberal budget proposes to change the law so the government can require financial institutions to use specific labels for government payments.
The government is also announcing a tax credit to attract companies investing in Canada鈥檚 electric-vehicle supply chain, along with a national flood insurance program.
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