A person walks by a row of houses in Toronto in July 2022. Strong demand for rentals and a shortage of homes has resulted in soaring rental costs that make saving up for a home even more difficult.

For example, the base amount for Ontario for the 2023 tax year is $140 for an individual, $70 for a spouse/common-law partner, $35 per child under 19 and $70 for the first child in a single-parent ...