As part of the upcoming 2024 Ontario Economic Outlook and Fiscal Review, the government is supporting Ontario families struggling with the high costs of the federal carbon tax and interest rates by proposing to provide a $200 taxpayer rebate to all eligible Ontario taxpayers.
To ensure families with children are not overlooked, the government is also proposing to provide families with an additional $200 for each eligible child.
“We’re doing everything we can to keep costs down for Ontario families, but the federal carbon tax and high interest rates are still hurting taxpayers across the province,” said Premier Doug Ford, in a media release.
“This $200 taxpayer rebate will give Ontario taxpayers, especially families with children, some much-deserved help so they can make ends meet.”
The government would begin mailing cheques to recipients of the taxpayer rebate in early 2025. A family of five with two adults and three children would receive $1,000, if eligible.
In total, this rebate is expected to provide $3 billion in support for approximately 12.5 million adults and 2.5 million children.
“At a time when the cost of living remains stubbornly high, our government is taking action for the families and workers of this province with much-needed relief to their household budgets,” said Peter Bethlenfalvy, Minister of Finance, in a media release.
“We encourage taxpayers to watch their mailboxes for this taxpayer rebate in early 2025 as we continue making life more affordable for Ontarians while retaining prudent, responsible fiscal management.”
The government is able to provide taxpayers with this relief because of higher-than-expected revenues as a result of the impact of inflation on provincial sales tax revenues and the impact of recent changes to the federal government’s capital gains tax.
More information about the government’s plan to keep costs down for people, families and businesses will be included in the 2024 Ontario Economic Outlook and Fiscal Review, to be released on October 30, 2024, Provincial officials added.