Here's what you need to know.👇
Premier Doug Ford is looking to cut taxes for Ontarians making less than $50,000 a year.
On Thursday, April 28, at around 4 p.m., Finance Minister Peter Bethlenfalvy will announce Ontario's 2022 budget.
Government sources told the Toronto Star, Global News, CityNews Toronto, and CP24 that the budget — which will be introduced after the provincial election in June — would expand who can claim the Low-Income Individuals and Families tax credit from $38,500 to $50,000, meaning that anyone who makes less could qualify.
A senior government official told the Star that this would make about 700,000 more people eligible so that about 1.1 million people in the province would see about $300 in tax relief, on average.
Emily Hogeveen, press secretary for Bethlenfalvy, confirmed to Narcity via email that this measure will be introduced in the budget later today.
As of now, per the Ontario government, those who are eligible to cash in on the Low-Income Workers Tax Credit — also known as the Low-income Individuals and Families Tax Credit — are Ontarian residents with a net income of under $38,500 or families with an adjusted net income under $68,500. Those who make minimum wage also qualify to apply for this tax credit.
Currently, the max credit eligible Ontarians can get back is $850 or just over 5% of their employment income, whichever of the two is lower.
Earlier this month, the Ford government announced it is looking to bump up minimum wage rates from $15 to $15.50 per hour starting on October 1, 2022, shortly after Ontario's election.
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