Instalment interest and possible penalty charges will be applied if you do not pay your required tax instalments or paid insufficient amounts. Instalment interest You will be charged instalment interest if all the following apply: You are required to pay by instalments in 2022 You receive an instalment reminder in 2022 that shows an amount …
Required tax instalments for individuals. Interest and penalty charges Read More »
The Department of Finance Canada announced the automobile income tax deduction limits and expense benefit rates that will apply in 2023. The following changes to limits and rates will take effect as of January 1, 2023: The ceiling for capital cost allowances (CCA) for Class 10.1 passenger vehicles will be increased from $34,000 to $36,000, …
(Please see the beginning of the article in our previous posts). Elections Canada boxes When filing your taxes, checking “Yes” to the two questions related to Elections Canada ensures that you’re on the list of electors at your current address and ready to vote in any federal election. To register and vote in a federal …
WHAT YOU NEED TO KNOW FOR THE 2023 TAX-FILING SEASON (PART 3) Read More »
(Please see the beginning of the article in our previous posts). Climate action incentive payment The Climate action incentive payment (CAIP) is a tax-free amount paid to help individuals and families offset the cost of the federal pollution pricing. You may be eligible for the CAIP if you are a resident of Alberta, Saskatchewan, Manitoba, or Ontario. …
WHAT YOU NEED TO KNOW FOR THE 2023 TAX-FILING SEASON (PART 2) Read More »
February 21, 2023 Ottawa, Ontario Canada Revenue Agency Millions of Canadians file their income tax and benefit returns every year. For the 2022 tax-filing season, Canadians filed approximately 31 million returns and 92% of them were filed electronically. Also, there were over 17 million refunds processed, resulting in a total amount of $37 billion! We know …
WHAT YOU NEED TO KNOW FOR THE 2023 TAX-FILING SEASON (PART 1) Read More »
Please see the beginning of the article in our previous posts. Climate action incentive payment The Climate action incentive payment (CAIP) is a tax-free amount paid to help individuals and families offset the cost of the federal pollution pricing. You may be eligible for the CAIP if you are a resident of Alberta, Saskatchewan, Manitoba, or Ontario. …
Students: Put more money in your pocket with benefits and credits! (part 3) Read More »
Save money at tax time When you file your return, you may be eligible for benefits and credits that put more money in your pocket. You can find out what you’re eligible for and how to apply on our Tax credits and benefits for individuals page. If you owe money this year, you may also be able …
Students: Put more money in your pocket with benefits and credits! (part 2) Read More »
January 17, 2023 Ottawa, Ontario Canada Revenue Agency As a student, you may have many questions about taxes. It might even be your first time filing an income tax and benefit return, and that’s okay! We’re here to make tax-filing easier and to make sure you receive the benefits and credits you may be entitled …
Students: Put more money in your pocket with benefits and credits! (part 1) Read More »
A one-time tax-free payment of $500, announced in September 2022, is now available to low-income renters. The payment does not reduce other federal income-tested benefits. Eligible individuals must: be 15 years of age or older on December 1, 2022; be resident in Canada for tax purposes in 2022; have filed their 2021 tax return with …
One-Time Top-Up to The Canada Housing Benefit: Additional Support Read More »
The Canada dental benefit, announced in September 2022, provides up-front tax-free payments to cover dental expenses for children under age 12 without dental coverage. The program began December 1, 2022, with expenses retroactive to October 1, 2022 being covered. The program is available for two periods: December 1, 2022 to June 30, 2023, and July …
Canada Dental Benefit: Support for those with Young Children Read More »