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, 2024. 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 April 30, 2024 deadline if all information is not received by April 15, 2024.
If you have your documents compiled electronically, please email documents@taylorleibow.com and a secure link will be sent to you to allow your documents to be uploaded.
Tax Changes 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 are deductible from income. Withdrawals are not taxable when buying a first home. For further information, follow this link FHSA Newsletter on our website.
Deduction for Tradespeople’s Tool Expenses
The maximum employment deduction for tradesperson’s tools has been doubled from $500 to $1,000 effective for 2023.
Home Office Expenses
From 2020 to 2022, an employee, who met certain conditions, was able to deduct a flat rate of $2 per day for the use of the office in their home. This flat rate method has been discontinued for the 2023 tax year.
Electronic Payments
As of January 1, 2024, payments or remittances of $10,000 or more to the Receiver General of Canada should be made as an electronic payment. The penalty for failing to make a mandatory electronic payment is $100 per payment. Payments made at the bank are considered to be electronic payments.
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.
New for 2024
The CPP Pension Enhancement
In 2024, the federal government will start collecting a second level of CPP contributions.
In 2023 and previous years, employees contributed CPP on their income, up to the maximum pensionable earnings amount (2023: $66,600).
Starting in 2024, the enhanced CPP now has two earnings tiers.
The first tier works similarly to the old system. Employees contribute to CPP based on a set yearly percentage, up to a first-tier maximum pensionable earnings (2024: $68,500).
In 2024, there is now a second contribution tier to maximum pensionable earnings of $73,200. Employees in this group will pay an additional four per cent on their earnings between $68,500 and $73,200.
As before, all employee contributions must be matched by the employer.
2024 Maximum RRSP Contribution
For 2024, the maximum amount you can contribute to your RRSP is 18% of your earned income to a maximum of $31,560. However, always consult your notice of assessment from the Canada Revenue Agency to confirm your contribution limits.
2024 Maximum TSFA Contribution
The Tax-Free Savings Account (TFSA) contribution limit is to $7,000 in 2024.
OAS Recovery Tax (Clawback)
If your net income in 2024 is greater than $90,997 (2023: $86,912), you will be required to repay OAS at a rate of 15% of the excess over this amount, to a maximum of the total OAS received.
