The Government of Ontario will propose legislation in its upcoming 2023 Fall Economic Statement, scheduled for release on Thursday, November 2, 2023. If passed, this legislation would extend the cuts to gasoline and fuel tax rates until June 30, 2024. The government anticipates that this move will result in an average savings of $260 per household since the introduction of the tax.
This initiative follows the steps taken in 2022, which saw a reduction in the gas tax by 5.7 cents per litre and the fuel tax by 5.3 cents per litre. The current proposal aims to maintain the tax rate on gas and fuel (diesel) at 9 cents per litre until June 30, 2024, as a response to increasing interest rates and inflation.
For more information on the Government of Ontario’s plan to extend the gas and fuel tax rate cuts, please visit the following link.
Please also feel free to email Alexander Miceli, Manager of Policy and Government Affairs, at amiceli@tiaontario.ca if you have any questions.