Doug Ford extends gas tax cut for another year

File photo courtesy of © Can Stock Photo / Elenathewise

Ontario Premier Doug Ford has announced the province will be extending the gas tax cut for an additional year.

Legislation passed earlier this year saw the gas tax cut by 5.7 cents per litre.

In an announcement Sunday morning, Ford said new legislation will be introduced Monday for the extension.

It comes one day before the province is set to release its fall economic statement.

“At a time when inflation has reached the highest levels in over four decades, we know families are feeling the pressure from rising prices on everything from gas to groceries,” said Premier Doug Ford. “To continue providing real relief, our government is proposing to extend the gas tax cut for another year to put more money back in peoples’ pockets where it belongs.”

The proposed extension of the gas and fuel tax rate cuts for an additional year would save Ontario households $195 on average between July 1, 2022 and December 31, 2023.

“By proposing to extend the gas and fuel tax rate cuts our government is helping Ontario families keep more money in their pockets during this time of economic uncertainty,” said Finance Minister Peter Bethlenfalvy. “Ontario, like the rest of the world, will continue to face economic challenges in the year ahead. This is why our government’s Fall Economic Statement will take a responsible approach to advance our plan to build while also being ready for any challenge that may come our way.”

If passed, the proposed legislation would extend the current gas and fuel tax rate cuts to December 31, 2023.