Province’s financial accountability officer says report found more people got a higher benefit compared with the tax credit announced in November
The Ontario government’s new low-income tax credit provides fewer benefits than the cancelled minimum wage increase, and will add $1.9-billion to the deficit, according to a new report from the province’s fiscal watchdog.
“Ultimately what we found was, under an increased minimum wage situation, more people would get a higher benefit versus the LIFT credit,” Mr. Weltman said.The report also found that, due to lost provincial tax revenue from cancelling the minimum wage increase combined with the cost of the LIFT credit, the province’s pocketbook will worsen by $1.9-million over the next four years.
The Progressive Conservative government announced last fall that it was halting a planned increase to the minimum wage that was scheduled to kick in this year, following up on a promise made during the spring election campaign. In November’s fiscal update, the government announced the new tax cut for low-income workers making less than $30,000 a year, a variation on Ontario Premier Doug Ford's election promise to end income taxes to every worker making minimum wage.
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