If at first you don’t succeed, pass a law.That’s the inclination of Environment Minister Steven Guilbeault, who on Friday said his department is proposing to amend the Financial Administration Act to force banks to label his carbon tax handout ‘carbon rebate’ on direct deposit statements.It comes after some financial institutions refused to change it from terms such as “federal payment” or “deposit Canada” due to technical limitations on character spaces and the like in their processing systems..“I feel that, as a client, we should have the right to label this the way we feel it should be labelled and it's not up to the banks to decide,”Steven Guilbeault.But Guilbeault is adamant payments accepted at Canadian banks will carry whatever title he wants. And that’s “Canada Carbon Rebate.” No ifs or buts.“I feel that, as a client, we should have the right to label this the way we feel it should be labelled and it's not up to the banks to decide,” he told The Associated Press.“You can quote me on this: I have a really hard time believing the banks when they say that it's going to cost them money,” he said.He said his department has been battling with banks for almost two years over how carbon rebates are labelled when they are deposited directly into bank accounts and accused them of deliberately “mis-labelling” the payments. The first rebate deposits were labelled ‘EFT Canada’, for example.Then in February the Liberal government decided to change the name of the payout from the ‘Climate Action Incentive Payment’ to something it said would be more “understandable” for Canadians who presumably aren’t smart enough to know it’s their own money..“We will also review proposed amendments to the Financial Administration Act when they are presented, and what proposed changes to the Act would mean for banks and Canadians,”Canadian Bankers Association.“The previous name was a bit difficult to understand and even for many people to remember. So this will likely make it easier," Guilbeault told reporters.Changes to the law would affect all government deposits, including child benefits, employment insurance and tax refunds.A spokesperson for the Canadian Bankers Association was ambivalent. “We will also review proposed amendments to the Financial Administration Act when they are presented and what proposed changes to the Act would mean for banks and Canadians,” it said in a statement.
