A temporary tax cut intended to help Ontario residents save money at the pumps will be extended for another year, Premier Doug Ford announced on Sunday (Nov 13).
Ford said his government intends to table legislation that would leave the tax break that cut gas prices by 5.7 cents a litre in place until the end of 2023. The cut first went into effect on July 1 and was originally due to expire on Dec. 31.
“We know that every dollar helps,” said Ford, speaking at a gas station in Toronto’s west end. “And this gas tax cut is another way we’re delivering savings to Ontario households.”
Ford cited inflation and global economic uncertainty as reasons behind the extension, which will also maintain a 5.3-cents-per-litre reduction in the price of diesel fuel.
Ford estimated the tax breaks would save households an average of $195 over the entire 18-month course of the price reduction. The province’s rate of tax on gas and diesel will remain at 9 cents per litre until the end of 2023.