Ontario's mandatory licence plate stickers and all associated renewal fees are soon to be a thing of the past, Premier Doug Ford announced Tuesday morning, much to the delight of drivers who will be saving some $120 per vehicle per year.

Passenger vehicles, light-duty trucks, motorcycles and mopeds will no longer be required to have licence plate stickers effective March 13, 2022, though the rules for heavy commercial vehicles and snowmobiles will remain unchanged, after new "red tape legislation" is announced by the government later today.

"As the cost of living continues to go up, our government is cutting costs for families to make life more affordable," said Ford when confirming the rumours during a press conference in Richmond Hill.

"Eliminating the fee to renew your licence plate and refunding the cost of doing so for the past two years is a concrete way we can put and keep more money in the pockets of hard-working Ontarians."

That's right — they're not only scrapping fees, but refunding those paid by vehicle owners between March 1 of 2020 and March 12 of 2022. These refunds will be automatic, so make sure your address is updated in the province's records by March 7 of this year if you don't want to miss out.

Premier Ford, Minister @C_Mulroney, Minister @RossRomanoSSM, and Associate Minister @ninatangri make an announcement https://t.co/auV7Gom9E9

— Doug Ford (@fordnation) February 22, 2022

"To get a refund for your individually owned vehicle, make sure the address on your vehicle permit or driver's licence is up to date, as that's where your refund will be sent, and pay any outstanding fees, fines or tolls by March 7, 2022," reads an update on Service Ontario's website.

The estimated eight million personal vehicle owners living in Ontario will still be required to renew their licence plate (for free) every one or two years, the province notes, but only to confirm that their insurance is valid and to pay any outstanding tolls or fines.

Company or business-owned passenger vehicles, light duty commercial vehicles, motorcycles and mopeds will also be exempt from the fees beginning in March if all goes well, but no refunds will be offered to businesses for already-purchased stickers.

"Our government is taking strong action at a time when the cost of living and doing business in Ontario is skyrocketing," said Caroline Mulroney, Minister of Transportation, when announcing the news today.

"For many families, driving is an absolute necessity. Eliminating licence plate renewal fees and stickers is part of our government's commitment to support drivers as we continue to build Ontario's transportation network."