Ontario Prime Minister Doug Ford will promise to cut taxes on the income of Ontario residents who earn less than $ 50,000 a year in their 2022 budget on Thursday, sources said.
A source told CP24 that the budget, which is likely to be held until after the election, will increase the eligibility for low-income tax credit (LIFT) from $ 38,000 to $ 50,000.
The source said the change would mean that about 1.1 million people will receive an average of $ 300 more in tax breaks in 2022.
LIFT was first introduced in 2018 by the Ford government as a way to oppose the abolition of the $ 15 minimum wage, a decision that was made after the Progressive Conservatives took office.
At the time, the government said LIFT would give low-income employees a minimum wage of up to $ 850 a year in tax breaks.
The extended eligibility is in line with Ford’s 2022 budget theme – affordability.
MORE: What you need to know before Ontario’s 2022 budget
The document, which will be used in practice as a platform for the computer campaign, is expected to be full of promises that would save the average voter, including a refund of license plate renewal fees and a six-month relief at gas stations.
There will also be an increase in the minimum wage by 50 cents.
In its post-election platform, the Ontario NDP said it would introduce a four-year income tax freeze for low- and middle-income households. However, their freeze break – approximately $ 200,000 a year per person – would affect a larger population.
The party did not say whether the income tax would be increased for those earning more than $ 200,000 a year.
Finance Minister Peter Bethlenfalvi will present the budget on Thursday afternoon.
The live show will start at 16:00 on CP24 and will be broadcast on CP24.com and the CP24 app.
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