Many of the wallet-friendly initiatives contained in the 2019 Ontario budget had been previously revealed, including a 10 per cent cut to post-secondary tuition and a tax credit for low-income individuals of up to $850. But Premier Doug Ford?s Progressive Conservative government did unveil new measures to cut the cost of child care, reduce estate taxes and provide dental services for seniors. The budget, which projects an $11.7-billion deficit for 2018-19, also hinted at further reforms to auto insurance, new home warranties and ticket sale regulations. Herewith, 13 ways the Ontario budget could affect your bank account.
1. Childcare: A new personal income tax credit will provide an average of $1,250 per family for childcare costs. The credit is available to families earning less than $150,000 per year. Depending on income, families will receive up to 75 per cent of their costs, up to $6,000 per child under seven and up to $3,750 for kids between the ages of seven and 16. The credit provides $8,250 for a child with a severe disability. Starting in 2021, families will be able to apply for advanced payment of these credits. 2. Estate Tax: The province will eliminate the administration tax for the first $50,000 of an estate while reducing the tax by $250 in other instances.
3. Dental Care: Ontario will provide dental services to low-income seniors, initially through public health units and community and Indigenous health centres. Beginning in late summer 2019, the progra...