The Ontario government has announced in its 2024 Ontario Economic Outlook and Fiscal Review: Building Ontario for You, that it is continuing to adopt a “fiscally responsible” stance by investing in the economy and constructing the vital infrastructure that Ontario’s expanding communities require, “reducing gridlock”, and making life “more affordable” by giving individuals and families immediate relief while lowering the debt load for future generations. Ontario's fall economic statement was presented by Finance Minister Peter Bethlenfalvy on October 30, 2024.

The temporary tax rate reductions for gasoline and diesel fuel that went into effect on July 1, 2022, will be extended by the province. The tax rate on gasoline and diesel will stay at nine cents per liter until June 30, 2025, as per the proposed extension. Prior to this, the province's fuel and gasoline tax cuts, which were 5.7 and 5.3 cents per liter, respectively, were scheduled to end on December 31, 2024.