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
Indian envoy warns of 'big red line,' days after charges laid in Nijjar case
India's envoy to Canada insists relations between the two countries are positive overall, despite what he describes as 'a lot of noise.'
Stormy Daniels describes meeting Trump during occasionally graphic testimony in hush money trial
With Donald Trump sitting just feet away, Stormy Daniels testified Tuesday at the former president's hush money trial about a sexual encounter the porn actor says they had in 2006 that resulted in her being paid to keep silent during the presidential race 10 years later.
U.S. paused bomb shipment to Israel to signal concerns over Rafah invasion, official says
The U.S. paused a shipment of bombs to Israel last week over concerns that Israel was approaching a decision on launching a full-scale assault on the southern Gaza city of Rafah against the wishes of the U.S.
Former homicide detective explains how police will investigate shooting outside Drake's Bridle Path mansion
Footage from dozens of security cameras in the area of Drake’s Bridle Path mansion could be the key to identifying the suspect responsible for shooting and seriously injuring a security guard outside the rapper’s sprawling home early Tuesday morning, a former Toronto homicide detective says.
Northern Ont. woman makes 'eggstraordinary' find
A chicken farmer near Mattawa made an 'eggstraordinary' find Friday morning when she discovered one of her hens laid an egg close to three times the size of an average large chicken egg.
Susan Buckner, who played spirited cheerleader Patty Simcox in 'Grease,' dead at 72
Susan Buckner, best known for playing peppy Rydell High School cheerleader Patty Simcox in the 1978 classic movie musical 'Grease,' has died. She was 72.
Jeremy Skibicki has 'uphill battle' to prove he's not criminally responsible in Winnipeg killings: legal analysts
Accused killer Jeremy Skibicki could have a challenging time convincing a judge that he is not criminally responsible for the deaths of four Indigenous women, a legal analyst says.
Bye-bye bag fee: Calgary repeals single-use bylaw
A Calgary bylaw requiring businesses to charge a minimum bag fee and only provide single-use items when requested has officially been tossed.
Alcohol believed to be a factor in boating incident after 2 men die: N.S. RCMP
Two Nova Scotia men are dead after a boat they were travelling in sank in the Annapolis River in Granville Centre, N.S., on Monday.