In 2023, tax expenditure on natural gas for fossil fuel production in Canada stood at 319.80 million USD. From 2024 to 2028, a declining trend is observed, with expenditures forecasted at 274.91 million USD in 2024, decreasing to 93.87 million USD by 2028. The year-on-year change from 2023 to 2024 is approximately -14.05%, followed by -16.71% in 2025, -19.89% in 2026, -24.53% in 2027, and -32.19% in 2028. The compound annual growth rate (CAGR) from 2023 to 2028 is -21.47%, indicating a significant reduction in expenditure over this period.

Future trends to watch for:

The impact of policy changes and environmental regulations on fossil fuel subsidies.
Shifts in energy production investments towards renewable sources due to the declining subsidy trend.
Potential economic implications for industries reliant on natural gas.