Advice from a financial expert on what to do with your rebate dollars

Now that you’ve used Fair Path Forward’s carbon tax rebate calculator (if you haven’t calculated your carbon cash yet, head over to our calculator now!), you know how much cash you’re getting back via Canada’s Carbon Tax Rebate program. The decision remains: what are you going to do with that $$$? 

We reached out to a financial expert Shannon Lee Simmons, Founder of The New School of Finance. Shannon is a Certified Financial Planner (CFP), Chartered Investment Manager (CIM), media personality, and author. And she’s written two bestselling books. Needless to say, we wanted to know what she thinks about climate change, Canada’s carbon tax initiative, and what to do with your #CarbonCash!

FPF: What do you think of Canada’s Carbon Tax and Rebate Initiative?

SLS: Very simply, I love that eligible Canadians can see the money the rebate saves them. Since it’s a line item deduction on your taxes, it also spurs good conversation about climate change and the cost of fuel. 

FPF:  How would you explain the carbon tax and carbon tax rebates to someone who didn’t know what it was and why it is an effective action to combat climate change? 

SLS: The federal government is trying to reduce Canada’s carbon pollution. This means that they will be gradually raising the cost of fuel with a carbon tax. The Carbon Tax Rebate puts money back in your pocket to help offset the expected rise of gas prices. It’s an incentive to use cleaner energy, drive less, and save money. 

“If we take action now, even small steps, we are helping to combat the biggest threat our world faces.” 

FPF: What would you do with the money you get from the rebate that helps you live a more environmentally friendly lifestyle?

SLS: I have many clients who choose to use it to donate or invest it into clean technologies, businesses, or nonprofits that are actively trying to combat climate change.

FPF:  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?

SLS: You can search charities at canadahelps.org. If you pop in keywords such as “clean energy” or “environmental” a list of options will come up. Do your research and donate to a cause that resonates with you. 

FPF: Why is climate change action and living a more sustainable lifestyle important to you?

SLS: The cost of living is going to keep rising. Climate change will make food and travel more expensive for everyone, not to mention the scary health and safety impacts of climate change. If we take action now, even small steps, we are helping to combat the biggest threat our world faces. 

Thanks for the awesome advice, Shannon!

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