New tax credits being introduced in Ontario. Check to see if you're eligible
The Ontario government is planning to move forward with several tax credits for residents as it formally tabled its 2022-23 budget on Tuesday.
The tax credits include 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, MPPs still need to vote on the budget before it is passed.
The first tax credit, the low-income individuals and families’ tax credit, also known as LIFT, existed since 2018, but the program was only available for people earning up to $38,500 annually.
The proposed budget has promised to expand the program so that people in the province making upwards of $50,000 per year or households making $82,500 per year could have access to the credit.
The expansion would mean more than 1.7 million Ontarians could be eligible for an average tax credit of $300. At the maximum, lower-income earners can receive up to $875 in tax relief.
The credit can be claimed each year while filing one’s personal tax return.
The second proposed tax credit is the Ontario Seniors Care at Home Tax Credit to help support lower-income seniors age 70 and above.
Lower-income seniors in that age category can receive up to $1,500 for hospital-style medical equipment and support. It offers a 25 per cent tax break on a senior’s at-home medical costs up to $6,000.
Under the terms of the new credit, they can claim expenses associated with home nurse visits, a hospital bed at home, wheelchairs, attendants, canes, oxygen, eyeglasses or hearing aids.
The credit is refundable and anyone earning up to $65,000 can qualify, and the amount of credit on offer is on a sliding scale based on income level.
The third tax credit being proposed is called the Childcare Access and Relief from Expenses (CARE). The province has previously said the credit will be offered to families with a household income of $150,000 or less.
Eligible families may be able to claim up to 75 per cent of some child-care expenses, including services from camps and child-care centres.
The province has previously said the new tax credit will provide an average of about $1,250 per family in new childcare support to nearly 300,000 families.
The credit can also be claimed each year while filing one’s personal tax return.
CTVNews.ca Top Stories
Ukraine marks its third Easter at war as it comes under fire from Russian drones and troops
As Ukraine marked its third Easter at war, Russia on Sunday launched a barrage of drones concentrated in Ukraine's east, wounding more than a dozen people, and claimed its troops took control of a village they had been targeting.
Maple Leafs eliminated from NHL playoffs with Game 7 OT loss to Bruins
Sheldon Keefe told his players hockey history would remember them one way or another.
‘Love has no boundaries’: Sask. couple in their 90s and 80s get married
Eighty-two-year-old Susan Neufeldt and 90-year-old Ulrich Richter are no spring chickens, but their love blossomed over the weekend with their wedding at Pine View Manor just outside of Rosthern.
What a judge's gag order on Trump means in his hush money case
A gag order bars Trump from commenting publicly on witnesses, jurors and some others connected to the matter. The New York judge already has found that Trump, the presumptive Republican nominee for president, repeatedly violated the order, fined him US$9,000 and warning that jail could follow if he doesn't comply.
Work stoppage possible as WestJet issues lockout notice to maintenance engineers' union
A lockout notice issued by WestJet to a union representing aircraft maintenance engineers could result in a work stoppage next week.
Should you save or splurge on makeup this summer?
If you're wondering whether you should splurge or save when it comes to buying skincare products and makeup this summer, we got some answers for you.
London Drugs begins 'gradual reopening' on 7th day after cyberattack
Almost a week after all London Drugs stores across Western Canada abruptly closed amid a cyberattack, they began a "gradual reopening" on Saturday.
opinion You don't need to be an influencer to earn income from social media
How legitimate are claims by some content creators that the average person can earn passive income from social media platforms like TikTok and Instagram? Personal finance columnist Christopher Liew says it's quite possible, if you're willing to put in the initial time and effort.
Chemical spill could be cause of stinky water in Puslinch, Ont., new report says
People living in Puslinch, Ont. may have the answer to why their water smelled so bad last year.