November 13th Press conference Ontario Prime Minister Doug Ford unveiled a bill to extend the state’s gas tax cut for another year, through Dec. 31, 2023, in his fall economic statement due tomorrow in Etobicoke outside a Circle K gas station. announced that it would propose
The law passed in April lowered the gas tax rate A reduction of 5.7 cents per liter and a fuel tax rate of 5.3 cents per liter for six months from 1 July to 31 December, reducing both rates to 9 cents per liter.
Chancellor of the Exchequer Peter Bethlenfarby is due to present his autumn economic statement in Parliament on 14 November after the House of Commons reconvenes after a week’s break on Commonwealth Day.
Bethren Falby announced On September 23, Ontario announced that it finished last fiscal year with a profit of $2.1 billion. This contrasts with his $33 billion deficit forecast for the 2021 budget. Revenues, primarily from taxes, were 20% higher than expected due to inflation and nominal GDP growth. Meanwhile, Ontario has her $380 billion net debt.
Ford said: From gas to groceries, prices are higher. And that puts a lot of pressure on household budgets. ”
Ford said that from July 1 this year to December 31, 2023, the proposed one-year extension of the gas and fuel tax rate cuts would limit both of these rates to 9 cents per liter. said. keep Ontario families average $195 a year.
The prime minister said license plate renewal fees and plate stickers will also be eliminated in the future, saving the average car owner from $60 a year in Northern Ontario to $120 a year in Southern Ontario.
Other measures in Ontario to reduce costs for residents include the permanent elimination of tolls on Highways 412 and 418, improved tax credits for low-income individuals and families, Includes various tax deductions for .