Personal Tax Checklist And Helpful Hints
Please complete and print the checklist below for yourself and each family member (if applicable). We have also included helpful hints for you to consider in assembling your tax information.
Link – Personal income tax return checklist and a list of helpful tips
Tax Preparation Due Dates
In order to complete your return on a timely basis, please send us your tax information slips and documentation by March 15, 2023. Note any outstanding tax information on the checklist as there may be tax slips (such as T3’s) or information that you may not receive until April.
We cannot guarantee that your return will be filed with the Canada Revenue Agency by the May 1, 2023 deadline if all information is not received by April 14, 2023.
If you have your documents compiled electronically, and would like a secure link to upload your documents to, please email firstname.lastname@example.org.
New for 2022
Canada Dental Benefit
For families with income of $90,000 or less, a tax-free payment will be available for children under 12 years old that do not have private dental insurance. Applications for the Canada Dental Benefit opened on December 1, 2022.
Underused Housing Tax
As of January 1, 2022, a 1% annual tax will be levied on the fair market value of non-resident, non-Canadian owned residential real estate that is vacant or underused.
In addition, Canadian citizens or permanent residents that own a residential rental property as a partner of a partnership or as a trustee of a trust must file a return.
An annual return must be filed and any taxes will be due on May 1, 2023. Penalties will apply for the failure to file an annual return, even if no tax is due.
Effective September 1, 2022, a luxury tax applies to the sale of new cars and aircraft with a sales price over $100,000 and new boats over $250,000. The tax is the lesser of 10% of the total price and 20% of the total price exceeding the price threshold.
First Time Home Buyers Tax Credit (“HBTC”)
For homes purchased on or after January 1, 2022, the amount used to calculate the 15% HBTC will increase to a maximum of $10,000, providing a tax credit of up to $1,500 to eligible home buyers.
Ontario Staycation Tax Credit (“OSTC”)
The OSTC provides an income tax credit for eligible Ontario residents to claim 20% of qualified accommodation expenses for vacations taken in 2022 in Ontario, up to a maximum of $1,000 for an individual and $2,000 for a family. The maximum credit is $200 for an individual or $400 for a family.
Home Office Expenses
For 2022, an employee who worked more than 50% of the time at home for a minimum of four consecutive weeks, may claim a deduction for home office expenses using the simplified method. This allows the employee to claim $2 per day worked at home to a maximum of $500. As in the prior year, T2200 (Conditions of Employment form) will not be required and there will be no requirement to track your expenses when using the simplified method.
New for 2023
Tax-Free Home Savings Account (“FHSA”)
Starting in 2023, first time home buyers can contribute a life time limit of $40,000 in contributions to the FHSA. Contributions to a maximum of $8,000 per year are deductible from income. Any unused annual contribution can be contributed in a following year. Withdrawals are not taxable when buying a first home. You may not make both an FHSA withdrawal and a Home Buyers Plan withdrawal in respect of the same home purchase.
Payments and remittances, greater than $10,000 and made after 2023 will be required to be remitted electronically.
Multi-Generational Renovation Tax Credit (“MGRTC”)
Starting in the 2023 tax year, the MGRTC provides a refundable credit to assist families with the cost to build a secondary unit in their home to accommodate seniors or adults with disabilities. The credit is 15% of the eligible renovation costs to a maximum of $50,000.