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
'A beautiful soul': Funeral held for baby boy killed in wrong-way crash on Highway 401
A funeral was held on Wednesday for a three-month-old boy who died after being involved in a wrong-way crash on Highway 401 in Whitby last week.
Police handcuff man trying to enter Drake's Toronto mansion
Toronto police say a man was taken into custody outside Drake's Bridle Path mansion Wednesday afternoon after he tried to gain access to the residence.
U.S. presidential candidate RFK Jr. had a brain worm, has recovered, campaign says
Independent U.S. presidential candidate Robert F. Kennedy Jr. had a parasite in his head more than a decade ago, but has fully recovered, his campaign said, after the New York Times reported about the ailment.
Blind Sask. boy heading to international braille competition hopes to increase accessibility for visually impaired
A Saskatchewan boy who qualified for an international braille competition in Los Angeles next month hopes he can inspire change in his home province.
'A step forward': New screening criteria for sperm donors takes effect
Canadians looking to grow their families with the assistance of sperm or egg donations should soon have more options for donors as the federal health agency does away with longstanding restrictions criticized as discriminatory.
Ontario Provincial Police arrest 64 suspects in child sexual exploitation investigation
Ontario Provincial Police say 64 suspects are facing a combined 348 charges in connection with a series of child sexual exploitation investigations that spanned the province.
What is whooping cough and should Canadians be concerned as Europe declares outbreak?
There is currently a whooping cough epidemic in Europe, with 10 times as many cases compared to the previous two years. While an outbreak has not been declared nationwide in Canada, whooping cough is regularly detected in the country.
Pfizer agrees to settle more than 10K lawsuits over Zantac cancer risk: Bloomberg News
Pfizer has agreed to settle more than 10,000 lawsuits about cancer risks related to the now discontinued heartburn drug Zantac, Bloomberg News reported on Wednesday, citing people familiar with the deal.
Steve Albini, legendary producer for Nirvana, the Pixies and an alternative rock pioneer, dies at 61
Steve Albini, an alternative rock pioneer and legendary producer who shaped the musical landscape through his work with Nirvana, the Pixies, PJ Harvey and more, has died. He was 61.