Taxes Season Updates

October 16-2022

Personal Tax Highlights

  • Climate action incentive has been deposited quarterly
  • Saskatchewan renovation tax credit
  • Ontario Staycation
  • 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 (pending 3rd reading in the house)
  • 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


Business Tax Highlights

  • Immediate expenses of eligible capital items
  • The ceiling for CCA for passenger vehicles has increased to $34,000.00 before tax
  • Deductibility leasing costs have increased to $900 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)

Tyjana
Publisher

I’m a political science graduate and will post blogs on the Canadian tax and Government landscape.

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