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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.
Covid-19 Tax Info
- 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.
Federal Tax law changes in 2023
- 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.
Provincial changes
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.