The forecast for tax expenditure on all fossil fuels for residential use in Canada shows a consecutive increase from 2024 to 2028, beginning at $226.43 million in 2024 and growing to $240.4 million by 2028. Compared to 2023, the tax expenditure is projected to experience consistent growth. The year-on-year increase from 2024 to 2028 reflects a steady upward trend, signaling rising costs associated with fossil fuel dependency in residential areas.

Future trends to watch for:

Government policies aimed at emissions reduction could impact fossil fuel taxation.
Increased adoption of renewable energy sources might alter future tax expenditures.
Economic factors like inflation and market fluctuations could influence future forecasts.