Ontario gas tax cut to be extended for another year

BREAKING NEWS: Doug Ford announces Ontario gas tax cut to be extended another year.

The Ontario government slashed prices at the pumps by 5.7 cents per litre in the summer, which was set to expire on Dec. 31.for another year, delivering some needed relief for drivers and businesses for one more year,” Ford said at a Sunday news conference., Ford said he would consider extending it if inflation remains high. On July 1, gas prices dropped around 11 cents overnight in the Toronto-area, partially attributed to the tax cut coming into effect.

Finance Minister Peter Bethlenfalvy announced in September that Ontario ended the last fiscal year with a $2.1-billion surplus, a far cry from the $33-billion deficit projected in the budget, thanks to inflation and a strong economy. “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,” Bethlenfalvy said.

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