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Tax Season 2023 - What's new?

Updated: Jan 10

Submission deadline

The deadline for submitting the personal tax return is April 30, 2024.

 

Ontario Staycation Tax Credit is no longer available

This temporary credit, which was valid only for 2022 and was intended to encourage tourism within Ontario, was not extended for 2023.

 

COVID-19 - Temporary flat rate method is no longer available

The simplified deduction method available for remote workers that allowed a credit of up to $500, being $2 per day up to a maximum of 250 days, has not been extended and is not available for 2023.

This means that employees in this situation will only be able to submit expenses related to remote work if the employer provides a T2200 duly completed and signed.

 

First Home Savings Account - FHSA 

Investments made in the new FHSA are tax-deductible, similar to RRSP contributions. Remember to collect receipts and report the amount of your contributions to get the deduction.

Unlike RRSPs, FHSA contributions made in the first 60 days of the year CANNOT be deducted from the prior year.

 

RRSP deduction limit increased 

The maximum deduction limit has increased to $30,780. However, don't confuse deduction limit with contribution room. Always check your previous year's Notice of Assessment for your contribution limit before making an RRSP application. If you apply beyond your contribution limit, you may receive a penalty of 1% per month on the excess applied.

New service: Make an appointment to estimate the expected return on your tax return before making the investment in RRSP. More details here.

 

How to request your Tax Return preparation

Tax season 2023 has already started and we are already accepting preparation requests.




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