- Premier Doug Ford has pledged to reduce income taxes for Ontarians earning less than $50,000 per year in his 2022 budget.
- According to the government, LIFT will save low-income and minimum-wage workers up to $850 in taxes every year.
According to insiders, Ontario Premier Doug Ford’s 2022 budget will include a commitment to decreasing income taxes for Ontarians earning less than $50,000 per year.
According to CP24, the budget, which is expected to be delayed until after the election, will raise the Low-Income Individuals and Families (LIFT) tax credit eligibility from $38,000 to $50,000.
According to the source, around 1.1 million taxpayers will receive an average of $300 in tax relief in 2022 due to the adjustment.
The Ford government initially proposed LIFT in 2018 to address the cancellation of a $15 minimum wage, which was announced after the Progressive Conservatives entered office.
The government stated that LIFT would save low-income and minimum-wage workers up to $850 per year in taxes.
The increased eligibility aligns with the Ford administration’s theme for the 2022 budget, which is affordability.
The paper, which will serve as the PC’s campaign platform, is expected to be chock-full of promises that will save the average voter money, such as a refund for license plate renewal costs and six months of gas-price relief.
There will also be a 50-cent increase in the minimum wage.
In their post-waiver election platform rollout, the Ontario NDP announced a four-year income tax freeze for poor and middle-income households. However, the freeze’s upper limit—an estimated $200,000 per person per year—would affect a bigger population.
The party did not clarify whether anyone earning more than $200,000 a year would face higher income taxes.
Finance Minister Peter Bethlenfalvy will deliver the budget on Thursday afternoon.
Source: CTV news
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