You might wanna ask for a raise when you get into work today because the cost of life in Ontario is about to go up again. Ontario has passed legislation creating a cap-and-trade system to fight climate change, which is expected to add $5 a month to home heating bills and about 4.3 cents to the price of a litre of gasoline.
Under cap and trade, industries are given specific pollution limits, but can sell their emission allowances to other companies if they come in below their annual limit, or buy credits if they exceed it. The province plans to hold its first auction of pollution credits in early 2017, and expects to raise $1.9 billion a year from the plan, promising to use the money to help people and companies transition to a low carbon economy. The Chamber of Commerce this week urged the Liberals to delay implementation of cap and trade for one year, saying key questions remain unanswered.