The Ford government's decision to extend its cut to the gas tax is set to cost roughly half a billion dollars over six months, according to the Ministry of Finance.
RELATED: The Ford government is putting money into affordability measures for drivers and transit riders as its Fall Economic Statement approaches. The premier announced an extended gas tax cut as part of those measures on Tuesday. Global News' Queen's Park Bureau Chief Colin D'Mello reports – Oct 31, 2023cut for another six months, according to the Ministry of Finance, putting the total cost of the affordability measure at $3.2 billion.
The meagre savings — less than $130 per year for households on average — have raised questions about whether the gas tax cut is worth the costly price tag.“Whenever you reduce revenue, whether that be in the gas tax or something else, you’re giving up something else,” said Liberal MPP John Fraser. “The government isn’t being open and transparent about what people are having to give up.”top news stories from Canada and around the world.
Ontario Premier Doug Ford again tried to link the gas tax reduction to federal carbon pricing when he announced the widely-anticipated extension on Monday. The continued cut amounts to a 5.7-cent-per-litre drop in the provincial tax on gas, and a 5.3-per cent drop in the tax on diesel. It means that, since mid-2022, Ontario has only collected nine cents for every litre of either gas or diesel.The latest extension will keep the cut in place until at least the end of the year.
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