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Tax season is here and taxpayers need to familiarize themselves with some new features.
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The Canada Revenue Agency refunded a total of nearly $37 billion to Canadians in 2022.
- François-Alexis Favreau (View profile)François-Alexis Favreau
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Housing allowance, tax credit for the purchase of a first home, benefit dental care for children under 12 are all new measures affecting the wallets of Canadians.
The first thing to know is that Canadians must pay their taxes by April 30, but since that date falls on a Sunday this year, a declaration will be considered to have been filed on time if the Canada Revenue Agency (CRA) receives it on Monday, May 1, 2023.
On the Internet, a payment will be considered made on time if the Agency receives it or if a Canadian financial institution processes it on or before May 1, 2023. By mail, a tax return will be deemed filed on time if its postmarked on or before May 1.
The CRA points out that an electronic return filed on time is generally processed within two weeks. If you're registered for direct deposit, you could receive your refund in eight business days.
If you have a modest income, a simple tax situation and need help, a volunteer from the Community Volunteer Tax Program (New window) may be able to complete your tax returns for free. For Quebec taxpayers, it's here (New window).
The CRA also offers to learn how to complete your tax return yourself. Find government documentation at this address (New window).
The government has introduced a one-off payment of $500 to help low-income tenants . Applications are open until March 31, 2023.
There are measures to help first-time buyers save in the current inflationary environment.
Ottawa is taking steps to help first-time buyers save enough for a down payment given sky-high home prices.
The first-time homebuyer tax credit, which was $5,000, increased to $10,000 in 2022. This is a credit non-refundable federal tax intended to offset the costs associated with purchasing a first home. This decision will allow first-time buyers to receive up to $1,500 in tax refunds on the purchase of their first home.
Also, a tax-free savings account for the purchase of a first property (CELIAPP) was added in 2023. The account will allow future buyers for a first home to save $8,000 per year for five years, for a total of $40,000 tax-free.
The Canadian Dental Benefit is the result of an agreement between the New Democratic Party and the minority Liberal government.
The Interim Canada Dental Benefit is now available to eligible families earning less than $90,000 per year. It concerns parents or guardians of children under the age of 12 receiving dental care services in Canada and who do not have access to a private dental insurance plan.
Parents can get an amount ranging from $260 to $650 per child that they can put into children’s individual savings accounts, depending on the level of family net income.
To be eligible for deductions for residents of remote regions, you must permanently live in an area Nordic, for example.
The CRA has established a pilot project to make it easier for residents of remote areas to determine the cost of the most economical round-trip tickets, which is one of the three amounts required to apply a deduction for travel expenses. Ticket prices are compiled on this government page (New window).
This pilot project is not a tax relief as such, but it could simplify obtaining a deduction.
For 2022 and subsequent years, the annual spending limit for home accessibility increased from $10,000 to $20,000. People 65 and older and people with disabilities can claim a tax credit of up to $1,500.
This tax credit concerns expenses related to the renovation or modification of housing in order to make it accessible and safe for the occupant. Full details are here (New window).
Also, for 2021 and future years, a person diagnosed with type 1 diabetes is now deemed to have met the requirements for life-sustaining therapeutic care twice a week and 14 hours a week.
This latest measure is part of the tax credit for people with disabilities (New window).
To consult the other tax credits and services for individuals, go to the ARC website (New window).
- François-Alexis Favreau (View profile)François-Alexis FavreauFollow