Premier Doug Ford is photographed in the Ontario Legislative Assembly at Queen's Park, in Toronto (GlobalNews)

Ontario’s environment minister unveiled a new legislation to end Ontario’s cap-and-trade program, claiming it will save the average family $260 per year.

The bill will lay out the legal framework to wind down cap and trade, as well as the criteria for companies seeking to be reimbursed for costs incurred through the program.

The government expects to spend up to $5 million to compensate these companies.

The new PC government had vowed to repeal the program, brought in under the former Liberal government, and fight the imposition of any federal carbon tax as well.

The government claims Ontario families will save money through energy and fuel costs as well as “indirect costs” that were a result of the program.

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