A source told CP24 that the budget, which is likely to be held until after the election, will increase eligibility for the LIFT tax credit from $ 38,000 to $ 50,000.
The source said the change would mean that about 1.1 million people would have an average of $ 300 more in tax breaks in 2022.
LIFT was first introduced in 2018 by the Ford government as a way to deal with the cancellation of the $ 15 minimum wage, a decision that was made as soon as the Progressive Conservatives took office.
At the time, the government claimed that LIFT would give low-income, low-wage employees up to $ 850 a year in tax breaks.
Extended suitability is in line with the Ford Government’s 2022 budget theme — affordability.
MORE: What you need to know before Ontario’s 2022 budget
The document, which will essentially be used as a computer campaign platform, is expected to be full of promises that would save the average voter, including a refund of license plate renewal fees and a six-month relief on petrol pumps.
There will also be a 50 percent increase in the minimum wage.
In its post-retirement platform, the Ontario NDP said it would implement a four-year income tax freeze for low- and middle-income households. However, cutting them for freezing – about $ 200,000 a year per person – will affect a larger population.
The party did not say whether the income tax would increase for those earning more than $ 200,000 a year.
Finance Minister Peter Bethlenfalvy will present the budget on Thursday afternoon.
Live coverage will begin at 4 p.m. on CP24 and will be streamed to CP24.com and the CP24 application.
