Ontario Government Suspends Price Caps On Secondary Ticketing

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The Progressive Conservative leader, who was officially sworn in as premier Friday, had promised that cancelling cap and trade would be his first order of business.

According to Ontario's Auditor General, the cap-and-trade system is costing Ontario residents and businesses $8 billion annually, with a "negligible impact" on the province's carbon emissions, which is the whole goal of the system.

"Cap-and-trade and carbon tax schemes are no more than government cash grabs that do nothing for the environment, while hitting people in the wallet in order to fund big government programs", said Ford. CTV News Canada is reporting that Ford also said some payments will be decided on a "case-to-case" basis as to whether they will be paid using the tax base revenue.

Cap and trade, a carbon tax by another name, raises prices on goods and services rather than the taxes on them.

That may or may not be a fair comparison, but it does seem odd that a Ford government that promised a better deal for taxpayers, seems to be digging a deeper financial hole to get there. And the payments will depend on the results of an upcoming value-for-money audit of government spending.

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"The cancellation of cap-and-trade is a bad idea for many reasons", said Environmental Defence's Keith Brooks in a statement.

Ontario companies have bought close to $3 billion in permits under the cap-and-trade system and need to know whether they will be compensated for those permits, Brooks said, noting some have suggested the province should offer a full refund.

"I think that there's a lot of businesses, quite frankly, that still have a lot of questions, I'm sure, about how this is all going to proceed", he said. We'll give you an update when we hear back from the Premier's office.

During his campaign, Ford said he wanted to scrap Ontario's cap-and-trade system, a move that puts him at odds with the Liberal party federal government.

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