Tembo Financial November 2, 2020 No Comments

In this blog, Tembo will outline some of the programs and measures in place to support individuals for those in need. We recognize that many of our readers, clients, and stakeholders are people who have been directly impacted by COVID-19 or have had family or friends who have. Governments have implemented many policies to help people manage the difficulties of the pandemic.

  • Through Ontario low-income tax credit, benefiting 1.1 million Ontarians by providing relief of up to $850 a year.
  • Through Ontario child care tax credit, that provides 300,000 Ontario families an average of $1,250 per year in tax relief, letting parents choose the best child care of $1,250 per year options for their family.
  • A $1 billion commitment to create 30,000 new child care spaces.
  • $275 a year for a family for items like fuel and other basic necessities by cancelling the cap-and-trade carbon tax.
  • For Northerners, the aviation fuel tax was lowered, saving money for individuals and families on groceries and travel costs.
  • Aviation fuel tax rate in the North was lowered to 2.7 cents per litre from 6.7 cents per litre.
    • This returns the aviation fuel tax rate in the North to the level that was in effect in 2014.
  • Kids can now ride free on GO trains and buses.
  • 100,000 low-income seniors will have access to publicly funded dental care.
  • Tuition fees were cut by 10 per cent last year and froze tuition next year to help keep more money in the pockets of Ontario students.

BACKGROUND

  • LIFT – Minimum wage earners pay no Ontario personal income tax and provide relief to over 1.1 million low-income Ontarians.
  • Child Care Tax Credit – Provide relief for 300,000 families with a tax break of $1,250 on their child care expenses per year, on average.
  • Free GO rides for kids under 12.
  • Reducing tuition fees by 10% for students.
  • Free dental care for 100,000 low-income seniors.
  • Supporting seniors and their families with the Estate Administration Tax cut for all taxable estates.
  • Scrapping the cap-and-trade carbon tax.
  • Lowering electricity rates by cancelling over 750 renewable energy contracts, saving ratepayers $790 million.
  • Freezing driver and vehicle fees.
  • Scrapping Drive Clean.
  • Free fishing on long weekends. Free fishing for veterans and active service members.
  • Improve housing affordability by making it easier to build more homes faster, protect renters, and increase the mix of housing to make more options available. 

Leave a Reply

Your email address will not be published. Required fields are marked *