Are you one of the 1.7 million Ontarians eligible for the $300 LIFT credit? Here’s how to find out

With the provincial legislature sitting again after a post-election hiatus, the Ontario government is moving ahead on some tax credits announced in April.

Within the sweeping 2022-23 budget, which was formally tabled after Tuesday's throne speech, are several possible tax credits for Ontarians, ranging from an extended credit for low- to mid-income earners, a credit for seniors to make their homes safer, and a subsidy for child-care costs for parents with children under the age of 13.

MPPs still need to vote on the budget before it is passed.

The credits could offer some relief to families hard-hit by the ballooning cost of living amid historic inflation.

Here is some of what's on offer, and how to apply.

The low-income individuals and families tax credit (LIFT)

While LIFT has existed in some capacity since 2018, the qualification for the program would expand under the proposed budget. Previously, the credit was available to those earning up to $38,500 annually. Under the proposed changes, the upper income limit would be raised to $50,000 per year.

According to the budget, this would mean 1.7 million Ontarians would be eligible for an average credit of $300. At the maximum, lower-income earners can receive up to $875.

To qualify, claimants of the credit must be a Canadian resident at the beginning of the tax year. By the end of the year, a claimant must be a resident in Ontario with employment income below the maximum limit.

The credit can be claimed when filing the personal tax return. The credit is also calculated on a sliding scale, meaning higher earners will receive less than those at the lower end of the earnings threshold.

Ontario seniors care at home tax credit

Lower-income seniors age 70 and above would be eligible to receive up to $1,500 for hospital-style medical supplies, ranging from hospital beds and caregivers to assistive devices such as glasses and hearing aids.

The program would see a credit of up to 25 per cent of claimable medical expenses up to $6,000.

Eligible applicants must be 70 and up in the year the credit is claimed and a resident of Ontario at the end of the tax year. Similar to LIFT, the amount of credit on offer is on a sliding scale based on income level - the amount would be reduced by five per cent of family net income over $35,000 in earnings per year, and phased out if the claimant earns $65,000 or more.

The Ontario government estimates that the credit will provide $110 million in financial support to roughly 200,000 low- and moderate-income senior families.

Childcare Access and Relief from Expenses (CARE)

Tuesday's budget offers some insight into possible relief to come for parents and caregivers.

Eligible families could soon claim up to 75 per cent of some child-care expenses, including services from camps and child-care centres. While there is little detail so far regarding how this credit might operate or who will qualify, the province has previously offered a subsidy to parents who have children under age 13 who attended a child-care program. Like other programs, this has traditionally been rated against income.

Jenna Moon is a Toronto-based business reporter, focused on personal finance and affordability. Follow her on Twitter: @_jennamoon