Global News has confirmed that Ford’s government budget, due out on Thursday, will increase its eligibility for the LIFT tax credit from $ 38,000 to $ 50,000 if approved after the election. A government source told Global News that it would affect an additional 700,000 people and that a total of 1.1 million people would receive an average tax deduction of $ 300. This news was first broadcast by the Toronto Star.
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Tax credit was first introduced in 2018 as the Ford government tried to curb some anger over the cancellation of the minimum wage increase it would give low-income $ 15 an hour. The story goes on under the ad The move comes in the wake of an election campaign that will focus heavily on affordability – from the price of petrol to the cost of housing. Each of the province’s political parties has offered platform boards designed to cut costs for voters. Trending Stories
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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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As the county continues to recover from COVID-19 economic downturns, a strong recovery in employment and rising consumer spending has left Ontario with a more rosy economic outlook, leaving room for explosive election spending. “The numbers look good for this government right now in terms of being able to offer some real relief to taxpayers,” said Karl Balduf, who served as chief of staff to Finance Minister Peter Bethlenfalvy. The story goes on under the ad Balduf said the only thing in this budget is the immediate reason voters have for the PC party’s promises. “For once, the Ontarians will be the ones to either pass or not pass this budget,” Balduf said. © 2022 Global News, part of Corus Entertainment Inc.
