Feds Demand Banks Label Carbon Rebate by Name in Direct Deposits

The federal government may force banks to label carbon rebates as such, rather than give direct deposits to Canadians’ accounts more general labels, by amending the Financial Administration Act. Environment Minister Steven Guilbeault stated this week that the government would be looking to amend legislation to allow the government to label its payments for deposit at Canadian banks whatever label the government chooses, The Canadian Press reports. In 2022, the first carbon tax rebates were labelled “EFT Canada” along with other more generic terms, which did not inform Canadians why they were receiving the money from the government. This year, the rebate will be listed as the “Canada carbon rebate” by some banks, but many major banks such as CIBC have labelled the deposit as “Deposit Canada.”...