A carbon cash interview with Christen Grozelle
How much can you expect back through the carbon tax rebate? In 2021, a single individual will receive $300 and the average family of 4 in Ontario will receive a rebate of $600! (See how much you qualify for here!) This amount is either deducted from the amount you owe the government on your income tax return or added to your income tax refund. That means more $$$ in your pocket!
We thought it would be great to get some expert financial advice on what to do with that extra cash. So we chatted with Christen Grozelle, of the finance & parenting blog Best Money Mom. She’s a former reporter for CBC and CTV News, with a focus on money matters. As a mother of four young daughters, she wanted to share all that financial knowledge to give individuals the information and tools they need to make great financial decisions for them and their family. You can also find her on Facebook and Pinterest!
Q: Why is climate change action and living a more sustainable lifestyle important to you?
C: I have 4 daughters and we live in a rural part of Ontario. I worry about them not getting to enjoy the four seasons we have in Canada, for example having a white Christmas. I want them to be able to swim in Ontario’s lakes with their own children one day.
Q: What do you think of Canada’s Carbon Tax and Rebate Initiative?
C: I am a big supporter of the Carbon Tax and Rebate program. I think Canada, in fact the whole world, is well past the point of waiting for people to naturally protect the environment on our own. Putting a price on polluting, and then giving the proceeds back to individual Canadians, will hopefully motivate provincial governments to take their own actions to reduce carbon emissions.
Q: What would you do with your rebate money that helps you live a more environmentally friendly lifestyle? Anything you recommend doing that both saves money and improves energy efficiency?
C: Our house is in need of a new furnace so we are looking at an energy efficient model. This summer our income tax refund is going towards a new roof – a metal roof that won’t need to be replaced.
Q: For those who like to save rather than spend, how would you recommend investing the money?
C: Absolutely invest the money into your RRSP so you are offsetting the tax you’ll have to pay when you withdraw the money for retirement!
Q: For those who want to donate rather than save or spend, do you have any recommendations on how to figure out which environmental causes or charities to support?
C: That is a very personal choice, I think. Choose a cause that is important to you and your family. Perhaps it is helping to beautify a local park or adopting an endangered animal.
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