Toronto 
In a move aimed at alleviating the financial strain on families and businesses, the Ontario government has announced plans to extend its gasoline and fuel tax rate cuts through to the end of 2024.
Erik Mclean/Pexels
Originally introduced in July 2022, these cuts reduced the gasoline tax by 5.7 cents per litre and the diesel tax by 5.3 cents per litre, with the rates currently standing at a 9 cents per litre reduction.
The tax cuts were set to expire on June 30.
Per the news release, this initiative, part of the spring 2024 Budget proposals, seeks to mitigate the impact of rising costs, including an impending federal carbon tax increase set for April 1, which is expected to rise by 23%.
“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 in a statement.
“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 provincial government says on average, Ontario households have saved $320 due to these tax reductions since their inception.
Ontario says these financial relief strategies are part of Ontario’s comprehensive approach to tackle high inflation and interest rates, demonstrating the government’s commitment to making life more affordable for its citizens. The detailed plan to sustain these efforts will be further outlined in the 2024 Budget, set for release on March 26.
