Ottawa to force banks to call carbon rebate a carbon rebate in direct deposits

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Canadian banks that refuse to identify the carbon rebate by name when doing direct deposits are forcing the government to change the law to make them do it, says Environment Minister Steven Guilbeault.

Guilbeault is taking the stand after Tuesday's federal budget promised to amend the Financial Administration Act so government payments accepted for deposit at Canadian banks will carry whatever title the government wants.

TD and BMO have adopted the government's requested "CdaCarbonRebate" entry, which fits the 15-character limit imposed by some banks. The government has struggled to fully explain the carbon price and the rebates since the policy began in 2019. "We will also review proposed amendments to the Financial Administration Act when they are presented, and what proposed changes to the Act would mean for banks and Canadians.

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Source: Law Daily Report (lawdailyreport.net)

 

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