The 2022 budget promised a bigger LIFT tax credit for 1.1 million lower-income workers and a new seniors' home-care tax credit
“$300 in additional tax relief in 2022, on average, for 1.1 million lower-income workers through the proposed Low-income Individuals and Families Tax Credit enhancement”
2022 Ontario Budget (PC platform), · 2022 Ontario Budget, Highlights
What happened · Sep 8, 2022
Bill 2, the Plan to Build Act (Budget Measures), 2022, received Royal Assent on September 8, 2022. It raised the LIFT credit maximum from $850 to $875 and created the Ontario Seniors Care at Home Tax Credit, both from the 2022 tax year.
After the election, the government reintroduced the budget's tax measures as Bill 2 in August 2022, and it received Royal Assent on September 8, 2022. Bill 2 changed the Low-income Individuals and Families Tax (LIFT) Credit from the 2022 tax year: the most a person can deduct rose from $850 to $875. CityNews reported that it also raised the income limit for qualifying from $38,000 to $50,000. Bill 2 also created a refundable Ontario Seniors Care at Home Tax Credit worth up to $1,500 a year, based on eligible medical expenses. The '$300 on average' for 1.1 million workers was the government's own estimate, and no later figure confirming it was found.