On October 30, 2024, Minister of Finance Peter Bethlenfalvy presented Ontario’s fall economic statement. While this year’s announcement was relatively light on new tax measures, it did include one significant indirect tax change.
The province has committed to extending the temporary tax rate cuts for gasoline and diesel fuel that were put in place on July 1, 2022. Under the proposed extension, the tax rate on gasoline and diesel will remain at nine cents per litre until June 30, 2025. The province’s gasoline and fuel tax reductions, which are 5.7 cents and 5.3 cents per litre, respectively, were previously set to expire on December 31, 2024.
The government also noted that, as part of its review of the Ontario tax system which began in 2023, amendments to the Gasoline Tax Act have been introduced to streamline the reporting required by interjurisdictional carriers.
Further information on Ontario’s fall economic statement for 2024 may be found on the province’s website at: https://budget.ontario.ca/2024/fallstatement/index.html