TORONTO, ON: The Canadian Taxpayers Federation (CTF) is pleased with news from the Ontario Financial Accountability Office that the Ford government’s plan to cancel cap-and-trade will result in tax savings of $3 billion over the next four fiscal years.

“Cap-and-trade was an elaborate tax scheme that sucked money out of the pockets of Ontario businesses and families. Taxpayers should rejoice that their $3 billion will no longer be heading to Queen’s Park and instead will stay with the hardworking people who earned that money,” said CTF Ontario Director, Christine Van Geyn.

The FAO stated that this loss of $3 billion in tax revenue will have a negative impact on the province’s deficit.

“Cap and trade was a new tax. It has only been in effect for about a year and a half, yet the FAO report shows how the previous government already became dependent on this new revenue. Existing taxes are never enough for governments. Governments are always going to come looking for more. Cancelling cap-and-trade now saves us money both immediately and in the long term. But the Ford government is going to have to make serious moves to reduce spending and improve Ontario’s overall financial footing.”