Bonnie Crombie and Ontario’s Liberals will deliver the More For You Tax Cut, providing $1,150 to help make life more affordable for Ontario families annually. The More For You Tax Cut would: 1. Cut the income tax rate for middle class Ontario families by 22 per cent; and 2. Eliminate sales tax (HST) on home heating and hydro bills. Taken together, these measures are projected to provide $2.8 billion in permanent financial relief to the people of Ontario.
Income Tax Rate Cut Bonnie Crombie and Ontario’s Liberals will lower the personal income tax rate for middle class Ontario families by reducing the tax rate on taxable income between $51,446 – $75,000 by 22 per cent, from the current 9.15 per cent to 7.15 per cent. This will benefit almost half of all taxpayers in Ontario. For an average household this change will result in a tax savings of about $950 annually.
Sales Tax Elimination on Home Heating and Hydro Bills
Bonnie Crombie and Ontario’s Liberals will eliminate the provincial component of Harmonised Sales Tax (HST) on hydro and home heating bills. Currently, an average Ontario family pays about $2,600 on energy bills annually. Eliminating the provincial component of HST on hydro and home heating bills will save five million households an average of approximately $200 annually, an 8 per cent monthly discount on energy bills.
