13.7 C
Kawartha Lakes
Monday, April 15, 2024
No menu items!
HomeNewsOntario Extending Gas Tax Cut Through The End of 2024

Ontario Extending Gas Tax Cut Through The End of 2024

ONTARIO-The province says it is introducing proposed legislation through its spring 2024 Budget that would, if passed, extend the existing gasoline and fuel tax rate cuts until December 31, 2024.

“With the federal government about to increase its costly carbon tax, it’s never been more important to provide relief at the pumps and put hundreds of dollars back into peoples’ pockets. That is why we are extending our gas tax cut,” said Premier Doug Ford. “I urge the federal government to join us by scrapping its planned 23 per cent carbon tax hike on April 1, which will only make life more expensive for hardworking Ontario families.”

The Canadian Taxpayers Federation applauded the move.

“This gas tax cut extension a big win for Ontario taxpayers at a time when struggling families really need it,” said CTF Ontario Director Jay Goldberg. “It means the average two-car family will continue to save roughly $35 a month at the pumps. As taxpayers are confronting yet another carbon tax hike by the Trudeau government on April 1, Premier Doug Ford is stepping up and providing relief.”

The Ontario government temporarily cut the gasoline 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. Today’s announcement would ensure the rates remain at 9 cents per litre until December 31, 2024, saving Ontario households $320 on average over the two and a half years since the tax rate cuts were first introduced.

“Our government understands that high inflation and interest rates are hurting Ontario workers and their hard-earned paycheques,” said Peter Bethlenfalvy, Minister of Finance. “That’s why we acted early to keep costs down and will continue to support Ontario families at the pump with our latest gas tax cuts.”

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.

Provincial officials say they will continue to call on the federal government to eliminate the federal carbon tax, which increased to 14.31 cents per litre on gasoline and 17.38 cents per litre on diesel on April 1, 2023 and is scheduled to increase by 23 per cent on April 1, 2024.

The government will release the 2024 Budget on March 26.


Don't forget to sign up for our morning newsletter.

Catch up on all the local news while enjoying your coffee.

Most Popular

Kawartha 411