Ontario Government to Extend Gas and Fuel Tax Rate Cuts Until 2024 Year-End

The Ontario government has announced its intention to extend the gas and fuel tax rate cuts until December 31, 2024. Premier Doug Ford initially implemented these cuts, reducing the gas tax by 5.7 cents per litre and the fuel (diesel) tax by 5.3 cents per litre from July 1, 2022, to June 30, 2024.

The recent announcement aims to maintain these reduced rates at nine cents per litre for the remainder of 2024, saving Ontario households an average of $320 over the two and a half years since the tax rate cuts were first introduced.

Premier Ford emphasized the significance of this extension, particularly in light of the impending increase in the federal carbon tax. He highlighted the importance of providing relief to consumers and reducing the financial burden on Ontario families.

The Premier called on the federal government to reconsider its planned 23 per cent carbon tax hike on April 1, 2024, expressing concerns about the impact on the cost of living for hardworking Ontarians.

The Ford government plans to introduce the proposed legislation for the tax rate cuts extension through its 2024 spring budget, which is scheduled for release on Tuesday. Ontario Minister of Finance Peter Bethlenfalvy underscored the government’s commitment to supporting Ontario workers and families amid high inflation and interest rates.

He emphasized the government’s proactive measures to control costs and provide ongoing support to Ontario families through the gas tax cuts.

Ontario Government to Extend Gas and Fuel Tax Rate Cuts

The forthcoming budget is expected to prioritize assistance for drivers, with reports indicating that auto insurance reforms will be a focal point. The government’s focus on alleviating financial pressures on Ontario workers and families underscores its dedication to addressing economic challenges and supporting its constituents.

Ontario government’s decision to extend gas and fuel tax rate cuts until the end of 2024 demonstrates its commitment to easing the financial burden on Ontario households. This move aligns with Premier Ford’s goal of providing relief to consumers and advocating for policies that benefit hardworking Ontarians.

The upcoming budget is poised to offer further support for drivers, indicating the government’s proactive approach to addressing economic concerns and supporting its citizens.

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