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What's new to taxes
this year ?
Changes rolling out in 2023 include a new tax form and more flexible credits and transfers. Now is the time to understand how they will impact your returns.
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Covid-19 Tax Info
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- COVID-19 benefit repayment - You can no longer retroactively deduct COVID-19 benefit repayments. Amounts repaid after Dec. 31, 2022, can only be deducted in the year you repaid them.
- Work-from-home credit - The credit for working from home due to COVID-19 has been eliminated.
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Federal Tax law changes in 2023
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- First Home Savings Account (FHSA) - Canadian residents saving for their first home can contribute up to $8,000 per year ($40,000 lifetime total) to this new registered plan. They get a tax deduction on contributions and can grow their savings, tax-free.
- Multigenerational Home Renovation Tax Credit - This refundable credit helps with the cost of renovating a home to create a unit that enables a senior (or an adult eligible for the disability tax credit) to live with a relative. Claim 15% of up to $50,000 in eligible expenses paid after Dec. 31, 2022.
- Property flipping rule - As of Jan. 1, 2023, profits from a property owned for less than 365 days before reselling are fully taxable as business income and don't qualify for the capital gains inclusion rate or the Principal Residence Exemption.
- Advanced Canada Workers Benefit (CWB) payments - Taxpayers no longer need to apply for advanced CWB payments. The CRA will automatically send them to eligible taxpayers based on their prior year tax return.
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Provincial changes
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QC
Quebec
Tax credit for seniors' activities - The tax credit for seniors' activities has been eliminated.
ON
Ontario
Ontario Staycation Tax Credit - The Ontario Staycation Tax Credit has been eliminated.
Ontario Jobs Training Tax Credit - The Ontario Jobs Training Tax Credit has been eliminated.
TSeniors' Home Safety Tax Credit - The Seniors' Home Safety Tax Credit has been eliminated.
SK
Saskatchewan
Home Renovation Tax Credit - The Home Renovation Tax Credit has been eliminated.
BC
British Columbia
Clean Buildings Tax Credit - Claim a refundable credit of 5% of qualifying expenses for retrofits that improve the energy efficiency of eligible commercial and multi-unit residential buildings.
BC Renter's Tax Credit - Individuals and families with an adjusted income of $60,000 or less who rent their home can receive a $400 tax credit. Renters with an adjusted income of $60,000 to $80,000 can receive a reduced amount.
NS
Nova Scotia
Climate Action Incentive (CAI) - CAI payments are now available to eligible residents of Nova Scotia.
PE
Prince Edward Island
Climate Action Incentive (CAI) - CAI payments are now available to eligible residents of Prince Edward Island.
NL
Newfoundland and Labrador
Physical Activity Tax Credit - The rate has been doubled from 8.7% to 17.4% of up to $2,000 of eligible expenses.
Climate Action Incentive (CAI) - CAI payments are now available to eligible residents of Newfoundland and Labrador.
NB
New Brunswick
Climate action incentive (CAI) - CAI payments are now available to eligible residents of New Brunswick.
YT
Yukon Territory
Mining business carbon price rebate - For 2023 and onwards, a rebate in addition to the existing carbon price rebate will be available for mining businesses.