The people of Ontario have chosen Doug Ford to serve as premier for another term. The Ontario Progressive Conservative Party achieved a majority government after taking 83 of the 124 parliamentary seats. This year’s election saw the lowest voter turnout in history. Ontario’s registered voters cast only 4.6 million votes, despite the province’s population of 10.7 million.

There were a slew of crucial topics on the minds of voters. People in Ontario have a strong interest in climate change, one of the most pressing issues facing the world at the moment. We also require an increase in the number of medical professionals working in hospitals as well as better public transportation. While work must also be done towards putting an end to racism and protecting individuals from the dangers posed by guns.

Despite the fact that all these concerns are still essential, it has been a difficult two years. Businesses in Ontario lost billions of dollars as a result of the pandemic. Voters were swayed by the issue of money and chose the party that was most concerned about it.

Your family’s finances during Doug Ford’s term

What does the outcome of the election mean for your personal finances? The Progressive Conservatives have made the following promises:

1. Minimum wage workers will see a raise to $15.50 an hour beginning on October 1st.
2. For the next two years, the province will pay nurses $5,000 to stay in their jobs as the province of Ontario is in need of nurses.
3. The government will pay for your education if you wish to become a nurse in a rural or distant area.
4. When starting a new job, skilled trades may pay more than they did previously. The Ontario government aims to invest $1 billion in training additional individuals in specialized professions over the next three years.

Your savings:

Saving you money on certain bills and taxes is one way the Ontario government helps family finances.

• Individuals and families with incomes under $50,000 (or below $82,500 as a family) are eligible for the Low-Income Individuals and Families Tax Credit. Those who earned $38,000 or less before the election were eligible for this credit. Anyone making less than $50,000 a year is now eligible. In the year 2022, a person might save $300 in taxes. Up to $875 might be saved for a family.
• If you’re looking for low-cost housing, you may have more options. With regard to resolving the housing crisis, the Ontario government asserts that it has a long-term strategy. The plan’s specifics haven’t been made public yet.
• Senior citizens earning less than $65,000 a year and receiving home care are eligible for an additional tax credit on some medical expenses, as long as they meet certain conditions. This will be useful for things like hearing aids, walkers, home oxygen, and other forms of assistance. An annual saving of $1,500 could be realized.
• When it comes to car expenses, there will be some respite soon. Gasoline taxes will be reduced by 5.7 cents per liter as of July 1. For the next six months, you can expect to see results. Licence plate renewals are also no longer required. For each vehicle, this will save you $120 a year.

How to maximize family finances at this time

Now that the election for the provincial government has concluded, you are aware of what the next four years will bring. Therefore, it is possible for you to plan ahead in terms of how to handle your family’s finances throughout this period of transition.

Here are some suggestions that can help you get the most out of the next four years when the Ontario PC government will be in power.

Be on the lookout for opportunities.

Find out what opportunities are available to you. Take advantage of the opportunity to pay less in taxes. Take the time to become well-versed in the many tax credits that are available to you.

Make the most of your money. Think about what you can do with whatever money you receive from the government or receive as a tax return.

Good family budgeting

Having access to more money does not mean you can now manage your money properly. Good money management skills are not a function of having access to more money. Inflation is still on the rise, and that’s why you will do well by budgeting. Take care of the family’s basic needs and monitor where your money is going. This would allow you to have more funds available for other things like savings, investments, and debt management.

Debt Solution

It can be difficult to know what to do if you’re one of the millions of Canadians battling debt. There are lots of debt solutions out there available to people who are struggling with debt, like consumer proposal, debt consolidation loans, debt management programs, and bankruptcy . That said, how can one choose the appropriate option? This is where we come in. Drowning in debt and unable to control it might cause havoc in your family life. 

For individuals, families, and businesses, EmpireOne Credit can help with a variety of debt relief options that can alleviate the burden of a mountain of unpaid debts. Our debt experts offer a friendly consultation that is free of charge. Contact us to schedule an appointment.