The Ontario government has officially confirmed that every resident of the province will receive a $200 taxpayer rebate, the announcement coming just under two weeks after details emerged that all 16 million people living in Ontario would be given a handout to combat the rising cost of living.

Launched in conjunction with the upcoming 2024 Ontario Economic Outlook and Fiscal Review, the Ford government is calling this massive handout a "taxpayer rebate to all eligible Ontario taxpayers." 

Ontario residents can expect to receive their cheques in the mail starting in early 2025.

"We're doing everything we can to keep costs down for Ontario families, but the federal carbon tax and high interest rates are still hurting taxpayers across the province," said Premier Doug Ford. 

"This $200 taxpayer rebate will give Ontario taxpayers, especially families with children, some much-deserved help so they can make ends meet."

A press release from the province explains that families with children will receive cheques corresponding to their family size. For example, a family of five with two adults and three kids will be entitled to $1,000.

The province estimates that the relief package will provide $3 billion in support for roughly 12.5 million adults and 2.5 million children.

Doug Ford will send out free money to 16 million Ontario residents https://t.co/QobJevkIkA

— blogTO (@blogTO) October 19, 2024

"At a time when the cost of living remains stubbornly high, our government is taking action for the families and workers of this province with much-needed relief to their household budgets," said Peter Bethlenfalvy, Minister of Finance. 

"We encourage taxpayers to watch their mailboxes for this taxpayer rebate in early 2025 as we continue making life more affordable for Ontarians while retaining prudent, responsible fiscal management."

So, where did all of this surplus money come from?

The Ford government states that it can afford the payout thanks to "higher-than-expected revenues" resulting from inflation's impact on provincial sales tax revenues along with the federal government's changes to capital gains taxes.