October 16-2022
Personal Tax Highlights
- Climate action incentive has been/will be deposited quarterly
- Saskatchewan renovation tax credit
- Ontario Staycation – 2022 only
- Ontario Seniors’ Home Safety Tax Credit
- Saskatchewan Active Families Benefit
- Housing benefit top of $500.00 for low-income individuals
- One-time GST credit doubling
- December 1-2022 – Child Canada dental benefit is introduced for families without dental coverage
- Tax-Free First-Time Saving account
- School supply credit for Teachers is expanded
- Provincial payments Saskatchewan – “Saskatchewan Affordability Tax Credit, and “Manitoba – “Family Affordability Benefit Payment”
- Tradespeople Labour Mobility – Tax Deduction
- Multi-generational home review – Tax Credit
- Alberta Affordability – Tax Credit
Business Tax Highlights
- Immediate expenses of eligible capital items
- The ceiling for CCA for passenger vehicles has increased to $36,000.00 before tax (2023)
- Deductibility leasing costs have increased to $950 before tax
- Deduction for a tax-exempt allowance paid by the employer will increase by $.02 per KM (first 5000 KM)
- Film and Television Tax Credit (Provincial and Federal)
Publisher
I’m a political science graduate and will post blogs on the Canadian tax and Government landscape.
Benefits to combat inflation