As a major campaign promise, Ontario’s Progressive Conservatives have vowed to extend tax breaks to thousands of Ontario workers amid growing concerns about accessibility in the province.
Global News has confirmed that Ford’s government budget, due to be paid on Thursday, will increase the eligibility for the LIFT tax credit from $ 38,000 to $ 50,000 if the budget is adopted after the election.
A government source told Global News that this would affect an additional 700,000 people, and a total of 1.1 million people will receive an average tax relief of $ 300.
This news was first reported by the Toronto Star.
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The tax credit was introduced for the first time in 2018 as the Ford government tried to quell some of the anger over the repeal of the minimum wage increase, which would give low-income people $ 15 an hour.
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This move comes before the election campaign, which will largely focus on affordability – from the price of gasoline to the price of housing. Each of the province’s political parties has proposed platforms designed to reduce voter spending.
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While the cost of the expanded LIFT program will be revealed in the budget, the government said the tax relief program cost the Ontario Treasury $ 125 million in 2018-19.
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While the province is still recovering from the economic shockwaves of COVID-19, a strong recovery in employment and rising consumer spending have left Ontario with a rosier financial picture, making room for scattered spending ahead of the election.
“The numbers look good for this government at the moment in terms of being able to provide some real relief for taxpayers,” said Carl Balduf, who was chief of staff to Finance Minister Peter Bethlenfall.
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Balduf said what is unique about this budget is the direct opinion voters have about the PC party’s promises.
“For once, the people of Ontario will be the ones who either accept or disapprove of this budget,” Balduff said.
© 2022 Global News, a division of Corus Entertainment Inc.
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