released Thursday includes changes to a tax credit aimed at lower-income workers and a new tax break to help seniors age at home.
The Progressive Conservative government said it is proposing changes to the Low-income Individuals and Families Credit and creating an Ontario Seniors Care at Home Tax Credit, both taking effect this year.immediately after its introduced, effectively turning it into the PC Party platform.The maximum benefit for the non-refundable LIFT credit would rise to $875, up from $850, while the income range over which the benefit is reduced would rise.
The benefit would start to be reduced at a rate of five per cent of net employment income starting at $32,500 for individuals, which is up from $30,000.Budget Day in Ontario 2022The government said around 700,000 more people would be able to benefit from the change, with most new recipients having incomes between $38,500 and $50,000. In total, around 1.7 million low-income workers are expected to qualify for LIFT.
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'Potential' Budget.