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
BREAKING Another suspect arrested in Toronto Pearson airport gold heist: police
Another suspect is in custody in connection with the gold heist at Toronto Pearson International Airport last year, police say.
Poilievre-led government 'would never' use notwithstanding clause on abortion, his office says
A Conservative government led by Pierre Poilievre would not legislate on, nor use the notwithstanding clause, on abortion, his office says, as anti-abortion protesters gather on Parliament Hill.
From outer space? Sask. farmers baffled after discovering strange wreckage in field
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
Why these immigrants to Canada say they're thinking about leaving, or have already moved on
For some immigrants, their dreams of permanently settling in Canada have taken an unexpected twist.
Ontario family receives massive hospital bill as part of LTC law, refuses to pay
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
Here are the ultraprocessed foods you most need to avoid, according to a 30-year study
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
Miss Teen USA steps down just days after Miss USA's resignation
Miss Teen USA resigned Wednesday, sending further shock waves through the pageant community just days after Miss USA said she would relinquish her crown.
Cyclist strikes child crossing the street to catch school bus in Montreal
A video circulating on social media of a young girl being hit by a bike has some calling for better safety and more caution when designing bike lanes in the city. The video shows a four-year-old girl crossing Jeanne-Mance Street in Montreal's Plateau neighbourhood to get on a school bus stopped on the opposite side of the street
BREAKING 6 injured in Sharbot Lake, Ont. crash; 2 in life-threatening condition
Ontario Provincial Police say six people have suffered severe injuries in a single-vehicle crash in Sharbot Lake, Ont, including two in life-threatening condition.