2022/2023 New Personal Tax Measures

The Federal government has rolled out some new tax benefits for Canadians!

I am going to keep this short and have highlighted the main points here. Click through to read more and as always, contact us should have any questions.

A quick note: Refundable vs. Non-refundable tax credit. The latter means that the credit can only be applied against your taxes otherwise payable. A Refundable credit means that if you have any left over after paying your tax bill, that you will get a refund of cash back.

If these apply to you, DO let us know when we are preparing your personal tax filing!

Changes in Effect for 2022

First-Time Home Buyer's Tax Credit (link)

- for homes purchased on or after January 1, 2022

- increase in non-refundable tax credit to $10,000 (x 15% = $1,500 credit) from $5,000

Home Accessibility Tax Credit (link)

Labour Mobility Deduction (link)

Medical Expense Tax Credit (expansion for surrogate or donor) (link)

Canada Dental Benefit (link)

Canada Housing Benefit (link)

Changes in Effect for 2023

Multigenerational Home Renovation Tax Credit (link)

- applies for work performed or paid on or after January 1, 2023

- refundable tax credit for eligible expenses for a qualifying renovation

- for a self-contained secondary unit for an eligible person (senior or disabled person)

- maximum $50,000 in eligible expenses (x 15% = $7,500 credit)

- need building permits, final inspection

- more guidance from CRA to come

Tax-Free First Home Savings Account ("FHSA") (link)

GST/HST on Assignment Sales by Individuals (link)

Residential Property Flipping (link)