Ontario's Budget For 2022 Just Dropped & Here's How It Could Save You Some Money
Gas cuts, tax cuts and more!
The government of Ontario just dropped its budget for 2022, and some Ontarians may be able to save money on gas, childcare, taxes and more.
Minister of Finance Peter Bethlenfalvy announced the budget on Thursday. The plan relies on five pillars, including "Rebuilding Ontario's Economy, Working for Workers, Building Highways and Key Infrastructure, Keeping Costs Down, [and] A Plan to Stay Open."
According to the press release, as part of the "Working for Workers" pillar, the general minimum wage is set to rise to $15.50 per hour on October 1, 2022.
Bethlenfalvy announced that gas taxes will be cut for six months due to rising prices, in the press conference.
"We're taking steps to protect the people of Ontario from skyrocketing gas prices by cutting the gas tax by 5.7 cents per litre and the fuel tax by 5.3 cents per litre for six months beginning July 1, 2022," said Bethlenfalvy.
License plate renewal fees will also be removed and refunded as part of the "Keeping Costs Down" pillar for "passenger vehicles, light-duty trucks, motorcycles and mopeds."
Bethlenfalvy says the combination of gas cuts and license plate sticker refunds "will help save households on average $465 in 2022."
Additionally, Tolls on Highway 418 and 412 will be cut, which means driving in Ontario will be a whole lot cheaper.
Those with children will be catching a break as child care fees are set to be lowered, and the government works "towards achieving an average of $10-a-day child care by September 2025" through "signing a $13.2 billion agreement with the federal government."
Around 1.1 million taxpayers could also be receiving a tax cut as the Ontario government proposes "an additional $300 in Personal Income Tax (PIT) relief" through "enhancing the Low-income Individuals and Families Tax Credit."
Some seniors may be able to save on their taxes as well under the "A Plan to Stay Open" pillar with the proposal of a "new refundable Ontario Seniors Care at Home Tax Credit." This would help people 70 years of age or older with "eligible home care medical expenses" to allow them the ability to "stay in their homes longer."