Yesterday, Prime Minister Justin Trudeau announced the government would be imposing carbon taxes on the four Canadian provinces who have refused to apply Ottawa-approved prices on fossil fuels.

New Brunswick, Ontario, Manitoba, and Saskatchewan will see taxes on gasoline, oil, natural gas and propane starting in April of next year. If you reside in any of those provinces and that sounds worrisome to you, you've got a good reason to think so. We now know exactly how this new tax will affect gas prices throughout provinces, and it isn't pretty.

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The carbon taxes will equal an increase of about 4.42 cents per liter in the first year. By 2022, that increase will be hiked to 11.05 cents.

READ MORE: Everyone Is Talking About The New Carbon Tax In Canada, Here’s How It Will Affect You

Manitoba's got the rest of the country beat. Their current average gas price is $1.10/litre which is the lowest in Canada. However, with an 11 cent increase, they could be sitting at a minimum of $1.21/litre.

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Currently, in Ontario, the average gas price is around $1.18/liter which is low compared to the $1.37/liter average we saw in May. If prices were to spike again, which they always do at some point, gas priced in 2022 could potentially reach close to $1.50/litre.

Saskatchewan gas prices are just over $1.20/litre. In four years they could spike to at least $1.31/litre.

New Brunswick currently has the fourth most expensive gas prices in the country at $124.7/litre. By 2022 they could be sitting at an average of $1.35/litre.

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If it's any consolation, Trudeau has promised that 90% of the carbon taxes collected will go back to families by providing annual rebates. He's even said that most households families will actually get more back than they put in.

The government has estimated that the average Ontario family will spend about $244 next year in carbon taxes and get back $300. Saskatchewan would pay around $403 per family and get back $598. In Manitoba the cost could be $232, getting back $336. New Brunswick families would pay $202 and get $248 back.

Ontario Premier, Doug Ford isn't buying it. He's been very vocal on Twitter saying, "never trust a politician who tells you he will save you money by hiking your taxes."

If we thought gas was expensive now, we clearly haven't seen anything yet. I guess we can all just wait patiently for our rebates.

Source: The Globe and MailCBCGas BuddyTwitterMaclean's

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