Province to cut gas and fuel taxes for another year in Mississauga, Brampton, Hamilton and Ontario
Published November 13, 2022 at 12:06 pm
In a surprise announcement on Sunday morning, the provincial government said it will extend gas and fuel tax cuts for another year to provide financial relief for drivers and businesses.
That means the gas tax cut of by 5.7 cents per litre, which was set to expire at the end of the year, will remain in place until December 31, 2023.
“Tomorrow, we will introduce legislation to extend the gas tax cut for another year, delivering some needed relief for drivers and businesses for one more year,” said Premier Doug Ford at the press conference in Etobicoke.
The tax cut was introduced back in July, when Ford said he would consider extending it if inflation remains high.
Today’s announcement comes a day before the province is set to release its fall economic statement on Monday (Nov. 14).
The financial watchdog is forecasting a $100-million surplus at the end of this fiscal year, and an $8.5-billion surplus in 2027-28.
Finance Minister Peter Bethlenfalvy announced in September that Ontario ended the last fiscal year with a $2.1-billion surplus, a far cry from the $33-billion deficit projected in the budget, thanks to inflation and a strong economy.
With files from The Canadian Pressinsauga's Editorial Standards and Policies advertising