The province continues to put more money back in people’s pockets
To help Ontario families and businesses keep costs down, the Ontario government will be proposing legislation through its upcoming 2023 Fall Economic Statement that would, if passed, extend the gasoline and fuel tax rate cuts to June 30, 2024, saving households $260 on average since the tax cuts were first introduced.
“We know that every dollar helps, and this gas tax cut is another way we’re keeping costs down for Ontario families and businesses,” said Premier Doug Ford. “As we continue to deal with lingering inflation, our government is continuing to provide people and businesses relief at the pumps for another six months.”
Since July 1, 2022, Ontario has lowered the gasoline tax by 5.7 cents per litre and the fuel tax by 5.3 cents per litre. The government is proposing to extend the rate cuts so the tax rate on gasoline and fuel (diesel) would continue to remain at 9 cents per litre until June 30, 2024.
“With the Bank of Canada’s high interest rates, and as inflation continues to put pressure on household budgets across Ontario, our government is helping to keep costs down for the people of Ontario,” said Minister of Finance, Peter Bethlenfalvy. “On Thursday, I will provide an update on our plan that will continue with our government’s targeted, responsible approach so we have the flexibility needed to get through this economic uncertainty while laying a strong fiscal foundation for future generations.”
The proposed extension to the gasoline and fuel tax rate cuts builds on the government’s other measures to help put more money back into people’s pockets, including:
- Generating $1.1 billion per year in savings, for a total of $3.3 billion since March 2020, to Ontario vehicle owners by refunding licence plate renewal fees and stickers.
- Eliminating local transit fares on most local transit agencies in the Greater Golden Horseshoe for riders connecting to and from GO Transit, making it more affordable and convenient for families and workers to commute.
- Increasing the general minimum wage by 6.8 per cent to $16.55 per hour as of October 1, 2023.
- Providing an estimated $115 million through the Ontario Seniors Care at Home Tax Credit this year to over 200,000 low-to moderate-income seniors with eligible medical expenses.
The government continues to call on the federal government to, at the very least, pause increases to the carbon tax.
Quick Facts
- The government will provide an update on the plan for Building a Strong Ontario through the 2023 Fall Economic Statement, which will be released on November 2, 2023.
- The price paid at the pump is made up of the cost of crude oil, wholesale margins, retail margins, federal excise tax, the federal carbon tax, Ontario gasoline/fuel tax and HST.
- Beginning March 14, 2022, the province eliminated double fares across most local transit systems, making it easier and more convenient to take transit across the GTHA. By eliminating double fares across different transit systems, the government is saving commuters up to $1,600 a year.
Author: Pete Fisher
Has been a photojournalist for over 30-years and have been honoured to win numerous awards for photography and writing over the years. Best selling author for the book Highway of Heroes - True Patriot Love
