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What's new to taxes
this year ?
Changes rolling out in 2022 include a new tax form and more flexible credits and transfers. Now is the time to understand how they will impact your returns.
Covid-19 Tax Info
- COVID-19 benefit repayment - If you repaid all or part of COVID-19 benefits received in 2020 or 2021, you can now deduct repayments made in 2022 for any year from 2020-2022 without refiling your prior year returns.You should receive a T4E or T4A slip reporting repaid amounts.
- Work-from-home expenses - If you had to work from home due to COVID-19 closures in 2022, you can make claims in the Employment Expenses section on forms T777 or T777S , under the same rules introduced in 2020.
Federal Tax law changes in 2022
- Home accessibility tax credit - The expense limit increased from $10,000 to $20,000.
- First-Time Home Buyers' Tax Credit - For homes purchased on or after Jan. 1, 2022, the home buyers' amount increased from $5,000 to $10,000, for a maximum credit of $1,500.
- Labour Mobility Tax Deduction for Tradespeople - Eligible tradespeople and apprentices can claim up to $4,000 per year in eligible transportation, meal, and lodging costs from 2021 and 2022.
- Federal medical expense eligibility - Federal medical expense eligibility is expanded to include more fertility expenses.
- Small business air quality improvement tax credit - This new credit allows self-employed people or partnerships to claim 25% of qualifying expenses incurred from Sept. 1, 2021 to Dec. 31, 2022 to improve ventilation and air filtration. Individuals may claim a max credit of $2,500 per eligible location and a max of $12,500 across all locations.
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Provincial changes
QC
Quebec
Tax credit for a major cultural gift - Previously set to expire on Dec. 31, 2022, the credit for donations of major cultural gifts is now permanent.
Tax credit for upgrading residential wastewater treatment systems - Previously set to expire on Mar. 31, 2022, this credit is extended to agreements entered before Apr. 1, 2027.
Tax credit for taxi drivers and owners - This credit was eliminated for tax year 2022.
ON
Ontario
Ontario Staycation Tax Credit - For tax year 2022, this credit allows Ontarians to claim 20% of eligible accommodation expenses up to $1,000 for an individual or $2,000 for a family, for a max credit of $200 or $400, respectively.
Ontario Seniors Care at Home Tax Credit - This new credit allows seniors 70 and older to claim 25% of up to $6,000 in eligible medical expenses, for a max credit of $1,500. Expenses claimed under the federal medical expenses credit can also be claimed for this credit.
TSeniors' Home Safety Tax Credit - This temporary credit supports seniors in making their homes safer and more accessible, with a credit of 25% up to a max $10,000 in eligible expenses.
SK
Saskatchewan
Home Renovation Tax Credit - This new non-refundable tax credit allows homeowners to claim eligible home renovation expenses.
The Active Families Benefit - This benefit has been reinstated for tax year 2021.
BC
British Columbia
BC Mining flow through share income tax credit - The eligibility period has been extended.
NS
Nova Scotia
Nova Scotia Children's Sports and Arts Refundable Tax Credit - Parents can claim fees incurred on or after Jan. 1, 2022, for sports and arts programs for children under 19, for a maximum credit of $500.
More Opportunities for Skilled Trades (MOST) - Nova Scotia will return provincial income tax paid on the first $50,000 of income earned by people under age 30 in eligible skilled trades and occupations. Eligible workers will qualify for their refund next year, after they file their 2022 tax return and get a notice of assessment from the Canada Revenue Agency.
Climate Action Incentive (CAI) - As of July 1, 2023 residents of Nova Scotia can receive quarterly CAI benefits. If the CRA determines you're eligible based on your tax return, they'll send you payments directly.
PE
Prince Edward Island
Climate Action Incentive (CAI) - As of July 1, 2023 residents of Prince Edward Island can receive quarterly CAI benefits. If the CRA determines you're eligible based on your tax return, they'll send you payments directly.
NL
Newfoundland and Labrador
Climate Action Incentive (CAI) - As of July 1, 2023 residents of Newfoundland and Labrador can receive quarterly CAI benefits. If the CRA determines you're eligible based on your tax return, they'll send you payments directly.
MB
Manitoba
Residential Renters Tax Credit - People who pay rent for their principal residence can claim a credit of up to $525 a year under the new renter's component of the Education Property Tax Credit.