Sources said Ontario Premier Doug Ford will pledge to cut income taxes for Ontario residents earning less than $50,000 annually in his 2022 budget on Thursday.

One source told CP24 that the budget, which is likely to be tabled after the election, will increase eligibility for the Low-income Individuals and Families Tax (LIFT) credit from $38,000 to $50,000.

The source said the change would mean that about 1.1 million people will see an average extra $300 in tax relief in 2022.

LIFT was first introduced in 2018 by the Ford government as a way to counter the cancellation of the $15 minimum wage, a decision made as soon as the Progressive Conservative Party took office.

At the time, the government claimed that LIFT would provide low-income and minimum wage workers up to $850 annually in tax relief.

In launching its election program after the law was passed, Ontario's New Democratic Party said it would implement a four-year income tax freeze for low- and middle-income families.

However, their halt of the freeze – estimated at about $200,000 per year per individual – would affect a larger number of people. The party did not say whether income tax would increase for those earning more than $200,000 per year.