Help is Here for Ontario Families Who Need It MostPublished on November 15, 2018
New Tax Credit Provides Real Relief to Low-Income Taxpayers
Ontario’s Government for the People is putting more money back in people’s pockets in Eglinton-Lawrence by introducing one of the most generous tax cuts for low-income workers in a generation – the Low-Income Individuals and Families Tax Credit (LIFT).
Those who earn $30,000 or less would pay zero personal income tax on their 2019 tax returns. It represents up to $850 per person and up to $1,700 per couple in savings.
“This is another promise made, promise kept by our Government,” said MPP Robin Martin. “This tax cut will leave more money in the pockets of families and taxpayers.”
In all, 1.1 million people in Ontario will benefit from this tax relief measure. Individual incomes just over $30,000 a year and family incomes over $60,000 a year will see graduated tax relief as well.
“Every single cent of savings is being targeted to lower-income workers in Ontarians,” added MPP Martin. “This is a lift for those who need it most.”
The tax credit is effective January 1, 2019.