Ontario To Extend Gas And Fuel Tax Cut For Another Year

Ontario Premier Doug Ford said on Sunday that the government’s 2022 Fall Economic Statement will propose legislation that extends current gas and fuel tax rate cuts to December 31, 2023. 

The proposed extension follows legislation passed last spring that reduced gas tax by 5.7 cents per liter, and fuel tax by 5.3 cents per liter from July 1 to December 31, 2022. It would keep the tax rate on gas and fuel at 9 cents per liter.

According to the government, extending the gas and fuel tax cuts would save Ontario households $195 on average over the 18-month period, or about $10.83 per month from July 1, 2022 to December 31, 2023.

“At a time when inflation has reached the highest levels in over four decades, we know families are feeling the pressure from rising prices on everything from gas to groceries,” Ford said, noting that the tax cut extension aims to provide “real relief” amid rising costs.

Finance Minister Peter Bethlenfalvy warned that Ontario “will continue to face economic challenges in the year ahead” along with the rest of the world, adding that the “government’s Fall Economic Statement will take a responsible approach to advance our plan to build while also being ready for any challenge that may come our way.” 

Canada’s economy is likely to dip into a mild recession early next year, with private-sector economists predicting in September that 2023 GDP growth will be just a little above zero for a few quarters. Economic and financial conditions have continued to deteriorate since, and thus figures are expected to track even lower.


Information for this briefing was found via the Ontario Government, Reuters, and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Is Gold’s Bull Market About to Hit Junior Stocks? | Ken Armstrong – Westhaven Gold

Surge Battery Metals: The Nevada North Lithium PEA

Silver @ $36 & We’re Still 200M Oz Short | Paul Andre Huet – Americas Gold and Silver

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

Most Money Is Made On “Re-Zoning”: Former Clarington Mayor John Mutton aka Mr. X

Without a beat, former Clarington Mayor John Mutton outright said that most money in real...

Thursday, September 7, 2023, 11:46:05 AM

BC, Ontario Taxes Rumored To Approach 60% In New Budget

Finance Minister Chrystia Freeland will release Canada’s federal budget plan on March 28, and numerous...

Monday, March 20, 2023, 02:24:00 PM

Ontario Introduces Legislation To Protect Consumers From “Unfair Business Practices”

The Ontario government is taking a significant step by introducing new legislation aimed at fortifying...

Saturday, October 28, 2023, 02:35:00 PM

Freeland Rejects Toronto’s Bailout Request, Points At Ontario Instead

Deputy Prime Minister Chrystia Freeland has declined Toronto’s appeal for a bailout to address the...

Tuesday, July 25, 2023, 12:25:35 PM

Mr. X And Phoenix Kiss: Who Are These Characters In Doug Ford’s Greenbelt Fiasco?

In 2022, developer Peter Tanenbaum embarked on a mission to develop his 86-acre Greenbelt land...

Tuesday, September 5, 2023, 04:27:00 PM