A media report by the Toronto Star says Ontario Premier Kathleen Wynne is planning to cut electricity rates by 25 per cent this year. The report indicates as well that her cabinet will likely approve the move today and announce it as early as tomorrow.
How will they do it? Sources said that the Liberals plan on slashing skyrocketing hydro bills mostly by “smoothing out” the financing costs of electricity generation contracts over longer periods.
The reduction would include the eight per cent rebate on the provincial portion of the harmonized sales tax that started this year.
Althought there has been no definite confirmation by the premier’s office, there has been a promise that more relief for taxpayers is on its way ahead of the spring budget.
BOTTOM LINE: fingers crossed…
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