New tax breaks announced for low-income workers, seniors in Ontario budget

Author: External Author | May 25, 2022 | Categories: Accountant , Accounting Services , Bank Reconciliations , Bookkeeping Firm , Bookkeeping Services , Financial Reporting , HST Remittance , Payroll Services , Personal Tax Filing , Personal Tax Preparations , Tax Accountant , Tax Returns , Tax Services

The Ontario budget 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 (LIFT) Credit and creating an Ontario Seniors Care at Home Tax Credit, both taking effect this year.

The measures are contingent on the budget passing after the June 2 election, as the legislature is set to adjourn immediately after its introduced, effectively turning it into the PC Party platform.

Read More

Original Article Source Credits: Global News, https://globalnews.ca

Article Written By: Ryan Rocca

Original Article Posted on: April 28, 2022

Link to Original Article: https://globalnews.ca/news/8793564/new-tax-breaks-ontario-budget