![]() IMPORTANT REMINDERS FOR YOUR 2022 RETURNS These details and more can be found in the 2023 Tax Guide. For self-employed individuals, they may be able to claim a refundable air quality improvement tax credit and immediate expensing deductions. ![]() There are a number of additional changes relating to specific deductions and tax credits, including the labour mobility deduction for tradespeople and additional medical expense tax credits for surrogacy, fertility clinics and sperm donor bank services. The government also announced an increase in the amount for the home accessibility tax credit to $20,000. In terms of existing tax credits, the amount used to calculate the first-time home buyer’s tax credit has increased to $10,000 for a qualifying home purchased after December 31, 2021. You may also split the deduction between your tax returns, as long as you do not deduct more than what you repaid.” “You have the option to claim your repayments as a deduction in the year you made the repayment or in the year you received the benefits. According to the Canada Revenue Agency (CRA), if taxpayers repaid benefit amounts before January 1, 2023, they may choose when and how to claim the deduction on their tax return. The CRA has created the T1B Request to Deduct Federal COVID-19 Benefits Repayment in a Prior Year. ![]() “But there are key changes and new developments that individuals need to be aware of when filing their returns in 2023.”įollowing is a brief look at what’s new for 2022 personal tax returns, important reminders of existing rules which will apply to 2022 returns and changes that will apply in 2023 and beyond. “It has been a relatively light year for personal tax changes,” says Bruce Ball, FCPA, CPA Canada’s vice-president of taxation. With tax season upon us, it’s a good time to review some of the main personal tax updates that you will need to consider this filing season and beyond. Housing COVID benefit repayments and indexation adjustments are among the areas to consider this filing season and those to come (Getty Images/Luis Alvarez) ![]()
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