Sunday , April 18 2021

Ontario has announced a tax exemption for low-income workers in its fall accounting renewal.



Toronto-Ontario workers who earn less than $ 30,000 do not have to pay local income tax starting next year and earn up to $ 38,000 to pay taxes.

A government source said the plan would be included in the autumn economic statement of this statement, which will be released at the legislature this afternoon.

According to sources, 1.1 million Ontario workers will be subject to a minimum wage or a slightly higher tax rate, and other low-income workers who currently use a rebate combination have already been exempt from provincial income taxes.

They say new people are expected to save about $ 850 a year, or $ 1,250 a year for households with two exempt workers.

Sources say the plan will cost about $ 120 million by the end of the fiscal year beginning January 1. No further prospects are included in the financial update, they say.

Doug Ford promised to abolish the local income tax for low-income workers instead of abolishing the minimum wage increase planned by the Liberal government, which is expected to come into force next year.

His proposal was criticized by the opposition, and according to independent economic analysis conducted at that time, it was more effective for low-wage workers to earn higher wages than low wages, because low-income workers could make more money than tax cuts.

Ontario's minimum wage has been raised from $ 11.60 to $ 14 per hour on 1 January and will be raised to $ 15 next year, but the Progressive Conservative government will then raise the minimum wage to $ 14 by October 2020 . It is linked to the inflation rate.

The government will increase the number of party legislative seats due to the announcement of economic policies announced earlier this week, but little details of the financial update were disclosed.

Finance Minister Big Fedeli has promised to provide a snapshot of government finances and said the government has no plans to use one-off revenues to cover the $ 15 billion deficit.

This figure was determined by the decision to adopt the accounting practices used by the Board of Inspectors and Auditors convened by the Progressive Conservatives.

The Liberal Party collapsed with the Auditor General in light of their choice to view the pension plan as an asset and borrow a hydroelectric plan from the local book.

But Tories' deficit was questioned by the opposition that the government exaggerated the deficit by including the Liberal Party's spending commitment, which is being canceled by the current regime.

Opposition lawmakers expressed concern about returning to asceticism and said the autumn economic statement is expected to be the basis for cuts.

"We are very concerned," said NDP's Andrea Horwath, "We look forward to an economic statement that hurts our everyday homes."

The Liberals said the Thursday's update would be the first thorough look at the impact of Ford's campaign appointments, noting that his camp did not unveil an expensive election platform.

"Ontario wants to get an answer to the financial plan for Ontario under the Ford government," liberal Mitzie Hunter said in a statement. He said no one would lay off and we would hold him to this promise. If Ford continues to cut off the services people depend on, he should clean up the residents of Ontario. "

Mike Schreiner, a member of the Greens, said Tories had been campaigning for fiscal responsibility but failed to respond to the image.

"I do not think Ontario people are in favor of cuts in essential services," he said.

A public service association said the government should focus on generating revenue rather than seeking efficiency.

"Ontario has no spending problems, and there is an income problem," said Candace Rennick of the Canadian Union of Public Employees in Canada, which is a true story of both the lack of service and the deficit.


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