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Tax Credits Key Component In Ontario Budget

By Mike Ebbeling Aug 16, 2022 | 11:26 AM

The Ontario budget contains key tax credits for residents and the final step is having the fiscal document approved.

The credits include an extended break for low-to mid-income earners, a credit for seniors to make their homes safer, and a subsidy for child-care costs for parents with children.

The low-income individuals and families’ tax credit existed since 2018, but the program was only available for people earning up to $38,500 annually.

The proposed budget has promised to expand the program so that some 1.7 million people in the province making upwards of $50,000 per year or households making $82,500 per year could have access to the credit.

Those eligible would receive an average tax credit of $300 with a maximum $875 in tax relief.

The Ontario Seniors Care at Home Tax Credit helps support lower-income seniors age 70 and above.

Those in that age category can receive up to $1,500 for hospital-style medical equipment and support.

It also offers a 25% tax break on senior’s at-home medical costs up to $6,000.

Those eligible can claim expenses associated with home nurse visits, a hospital bed at home, wheelchairs, attendants, canes, oxygen, eyeglasses or hearing aids.

The third tax credit being proposed is called the Childcare Access and Relief from Expenses (CARE).

The province has previously said the credit will be offered to families with a household income of $150,000 or less.

Eligible families may be able to claim up to 75% of some child-care expenses, including services from camps and child-care centres.

The province has previously said the new tax credit will provide an average of about $1,250 per family in new childcare support to nearly 300,000 families.


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