In an announcement in Etobicoke Sunday morning, Ontario Premier Doug Ford said the reduction — introduced to combat high gas prices over the summer — will continue for a year. In July, Ontario announced it would cut the natural gas tax by 5.7 cents per liter by the end of the year. At the time, Ford said it would consider an extension if inflation remained high. High gas prices are a key driver of inflation, as the price of fuel affects many consumer products through factors such as increased delivery costs. Ontario Premier Doug Ford made the announcement in Etobicoke on Sunday. YouTube/Screenshot “Extending the tax cut for an additional year will mean the average Ontario household will save $195,” Ford said. “We know every dollar helps.” Current trend

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Story continues below ad The annual extension will be part of Finance Minister Peter Bethlenfalvy’s Autumn Economic Statement. The finance minister is set to table the economic updates to the Ontario legislature around 1:00 p.m. Monday. The cut from July to the end of 2022 was estimated to cost Ontario $645 million while it is in place. Ontario NDP Interim Leader Peter Tabuns said the announcement will not help families. “Instead of helping people pay for basics like food and heating, Doug Ford is doubling down on a tax regime that doesn’t even guarantee drivers will see a dime in savings,” he said in a statement that listed several priorities policy. including rent control and social worker rates.

		Read more: Ontario economy on ‘knife edge’ as government programs face underfunding, FAO says 		
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			Ontario economy on ‘knife edge’ as government programs face underfunding, FAO says

Ontario’s latest economic plans come amid a thin economic picture for the province as a whole and a better-than-expected economic performance for the government’s coffers. In late October, Ontario’s financial watchdog said Ontario’s economy was on a “knife’s edge.” Financial Accountability Officer (FAO) Peter Weltman said that after a record year, the province’s economy is forecast to slow amid rising interest rates and cautious consumer spending — leading to forecast growth of 0.7%, lower than the government’s forecast for 3.1 percent. Story continues below ad “We’re on a knife’s edge right now,” Weltman told reporters at Queen’s Park. “We don’t think there will be (a recession), but we think we’re close.” Bethlenfalvy announced in September that Ontario ended the last fiscal year with a surprise surplus of $2.1 billion. © 2022 Global News, a division of Corus Entertainment Inc.