The Ontario government formally tabled its 2022-23 budget on Tuesday, pushing forward with several tax credits for residents. There will be an extended credit for low-to mid-income earners, a credit for seniors to make their homes safer, and a subsidy for child-care costs for parents with children.
In order for the tax credits to be guaranteed, the MPPs still need to vote on the budget. The first tax credit is now as LIFT and has existed since 2018. The program was only available for people earring upt o $38,500 annually. The new budget would expand the program to people making up to $50,000 per year or households making $82,500 per year.
This means more than 1.7 million people would be eligible for an average tax credit of $300. At a maximum, lower-income earners can receive up to $875 in tax relief. Residents can claim the credit while filing their personal tax return.
For more information about the source click HERE