If you live in Ontario, gas is going to start costing you a lot more starting next year.
Premier Kathleen Wynne introduced new climate legislation yesterday that included both a hike in gas taxes as well as a cap-and-trade plan for businesses. It’s all part of the government’s effort to hit its aggressive 2020 greenhouse gas emissions target.
But the changes mean that you’ll be paying about 4.3 cents more per litre at the pumps, and about $5 more for your monthly home heating bill. Additionally, there is some concern that the price of taxis and any products transported by truck will rise as well.
There is a small piece of good news, however. Wynne says that she will use the extra funds to keep hydro rates low, and perhaps even give consumers a rate cut. Although critics argue that any businesses affected by the cap-and-trade plan will simply pass the extra costs onto the consumer, offsetting any potential cuts.
For more information on the new gas tax hike, check out the video above.