Canada Moves to Mandate Clear Labeling of Carbon Rebates by Banks

OTTAWA - Environment Minister Steven Guilbeault announced plans to amend the Financial Administration Act, compelling Canadian banks to accurately label government direct deposits, including carbon rebates. 

This legislative push follows longstanding disputes with banks over the unclear labeling of such deposits, which has contributed to public confusion regarding carbon pricing. Recent adjustments have seen some banks, like TD and BMO, adopt the label "CdaCarbonRebate." 

However, others, including RBC and Scotiabank, have yet to fully implement these changes. Guilbeault dismissed concerns about additional costs to banks, emphasizing the government's right to specify deposit labels. The amendment will impact all government payments, ensuring they are clearly identifiable on bank statements.

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