Search User Login Menu


Economic and Business News Serving the Lake Superior Region, Minnesota, Wisconsin, Michigan and Northern Ontario From Kenora in the West to North Bay in the East. Thunder Bay and Sault Ste Marie, Ontario

Local Business Provide Products and Services to Our Communities 
In so doing they Provide Jobs for our families 
So that we can provide food and shelter for our families 

Whether it be a small Mum and Pop store or a National Chain.. 

Latest Economy News

Ontario To Cut Gas and Fuel Taxes For Additional Year

Ontario To Cut Gas and Fuel Taxes For Additional Year

Doug Ford Announced Today

THUNDER BAY, SAULT STE MARIE, ONTARIO ~~~~  November 13, 2022 (LSNews)  Now more than ever, Ontarians need a little extra help. That’s why we’re extending the gas tax cut for another year — so you can keep more of your money. Extending the tax cut will save the average Ontario household an extra $195 per year. Doug Ford Stated at a media conference in Etobicoke. 

As part of its plan to help keep costs down for Ontario families and businesses, the government’s 2022 Fall Economic Statement will propose legislation that would, if passed, extend the current gas and fuel tax rate cuts to December 31, 2023.

“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. This extension follows legislation passed this spring that cut the gas tax by 5.7 cents per litre and the fuel tax by 5.3 cents per litre for six months, from July 1, 2022 to December 31, 2022.

“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 Minister 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.”

The proposed extension to the gas and fuel tax rate cuts builds on the government’s other measures to help keep costs down for families and businesses, including:

  • Cutting costs for millions of Ontario vehicle owners by refunding license plate sticker renewal fees paid since March 2020, and eliminating licence plate renewal fees and plate stickers on a go-forward basis, saving vehicle owners $120 a year in southern Ontario and $60 a year in Northern Ontario for passenger and light commercial vehicles.
  • Permanently removing tolls on Highways 412 and 418.
  • Enhancing the Low-income Individuals and Families Tax (LIFT) Credit to provide claimants of the credit up to $875 in tax relief, as of 2022.
  • Providing additional tax relief for workers, families and seniors through the Seniors’ Home Safety Tax Credit, the Ontario Jobs Training Tax Credit, the Ontario Childcare Access and Relief from Expenses (CARE) tax credit, and the new Ontario Seniors Care at Home Tax Credit.
  • Delivering both near-term solutions and long-term commitments to build more homes faster to put home ownership within reach for all Ontario families, through the government’s housing supply action plans.

Quick Facts

  • This proposed extension would see the rate of tax on gasoline and fuel (diesel) remain at 9 cents per litre until December 31, 2023. This would save Ontario households $195 on average between July 1, 2022, and December 31, 2023.

The price paid at the pump is made up of the cost of crude oil, wholesale margins, retail margins, federal excise tax, the federal carbon tax, Ontario gasoline/fuel tax and HST.

#LSN_ONNews  #LSN_SSM  #LSN_Sudbury  #LSN_TBay #LSN_NorWest 

Below Please Rate and Share this story 
To help us learn what is important to you

Previous Article winter season heats up in the Soo with weekly flights to Cayo Coco
Next Article Trudeau’s carbon tax punishes us for heating our homes
Rate this article:
1Upvote 0Downvote

Lake Superior News Economy

Lake Superior News Economy

Use Self-checkout You make a mistake 0 Economy
James Brown

Use Self-checkout You make a mistake

THUNDER BAY, ONTARIO ~~~~~~   December 4, 2022  (LSNews)  In a story by SBLY Shareably  Lawyer explains why you should always avoid self-checkout in stores Companies can save as much as 66 percent by replacing a human...
Alberta's Premier suspends provincial gas tax 0 Economy
Rebel News

Alberta's Premier suspends provincial gas tax

CALGARY, ALBERTA  THUNDER BAY, ONTARIO ~~~~~  November 29, 20222 (LSNews) Premier Danielle Smith announced the province would suspend the gas tax for at least six months. Smith also promised that reducing or eliminating the tax...

No content

A problem occurred while loading content.

Previous Next

Follow LSN on Twitter

Events Calendar

«December 2022»

Latest Economy Shipping News

Latest News

Back To Top