Ontario Premier Doug Ford will promise to cut income taxes for Ontarians earning less than $50,000 a year in his 2022 budget on Thursday, sources say.
A source told CP24 that the budget, which will likely be held until after the election, would increase eligibility for the Low-Income Individuals and Families (LIFT) tax credit from $38,000 to $50,000.
The source said the change would mean about 1.1 million people will see an average of $300 more in tax relief in 2022.
LIFT was first introduced in 2018 by the Ford government as a way to counter the cancellation of a $15 minimum wage, a decision that was made once the Progressive Conservatives took office.
At the time, the government claimed LIFT would give low-income and minimum wage employees up to $850 a year in tax relief.
The expanded eligibility aligns with the Ford government’s theme for the 2022 budget—affordability.
MORE: What you need to know ahead of the 2022 Ontario budget
The document, which will effectively be used as the PC’s campaign platform, is expected to be chock-full of promises that would save the average voter, including a refund for licence plate renewal fees and six months of relief at the gas pumps.
There will also be a 50-cent minimum wage increase.
In their post-writ election platform launch, the Ontario NDP said they will implement a four-year income tax freeze for low and middle-income households. However, their cut-off for the freeze—an estimated $200,000 a year per person—would impact a larger population.
The party did not say if income tax would increase for those earning more than $200,000 a year.
Finance Minister Peter Bethlenfalvy will table the budget Thursday afternoon.
Live coverage will begin at 4 p.m. on CP24 and will be streamed on CP24.com and the CP24 app.
