The first thing to know is that Canadians must pay their taxes by April 30, but since that date falls on a Sunday this year, a return will be considered to have been filed on time if the Canada (CRA) receives it on Monday, May 1, 2023.
On the Internet, a payment will be considered made on time if the CRA receives it or if it is processed by a Canadian financial institution on or before May 1, 2023. By mail, a tax return will be considered made on time if its postmark indicates May 1 or earlier.
L’ARC points out that an electronic return filed on time is generally processed within two weeks. If you’re signed up for direct deposit, you might receive your refund in eight business days.
If you have a modest income, a simple tax situation and need help, a volunteer from the Community Volunteer Income Tax Program (New window) might fill out your tax returns for free. For Quebec taxpayers, it’s here (New window).
L’ARC also offers to learn how to complete your tax return yourself. Find government documentation at this address (New window).
Housing allowance
The government has introduced a one-time payment of $500 to help low-income tenants. Applications are open until March 31, 2023.
Eligibility conditions:
- Have filed a tax return for 2021;
- Be at least 15 years old on December 1, 2022;
- Be a resident of Canada for tax purposes in 2022;
- Have an adjusted family net income of $20,000 or less for individuals or $35,000 or less for families;
- Have paid at least 30% of their 2021 adjusted family net income on the 2022 rent for the principal residence during the 2022 calendar year;
- Be able to provide its address in 2022 and the contact details of its owner.
Buying a first home
Ottawa is taking steps to help first-time home buyers save enough to put down a down payment in the face of soaring home prices.
The First Time Home Buyer’s Tax Credit increased from $5,000 to $10,000 in 2022. This is a non-refundable federal tax credit intended to offset costs related when buying a first home. This decision will allow first-time buyers to receive up to $1,500 in tax refunds on the purchase of their first home.
Also, a tax-free savings account for the purchase of a first home (TFSA) was added in 2023. The account will allow future first-time home buyers to save $8,000 per year for five years. , for a total of $40,000 non-taxable.
Dental benefit
The Canadian Dental Benefit is the result of an agreement between the New Democratic Party and the minority Liberal government.
Photo : iStock
The temporary Canadian dental benefit is now available to eligible families earning less than $90,000 per year. It is for parents or guardians of children under 12 receiving dental care services in Canada who do not have access to a private dental insurance plan.
Parents can obtain an amount ranging from $260 to $650 per child, depending on the level of net family income.
remote area
To be entitled to deductions for residents of northern regions, you must permanently live in a northern area, for example.
Photo : Pexels
L’ARC set up a pilot project to make it easier for residents of remote areas to determine the cost of the most economical return tickets, one of the three amounts required to claim a deduction for travel expenses. Ticket prices are compiled on this government page (New window).
This pilot project is not a tax relief as such, but it might simplify obtaining a deduction.
Accessibility and disability
For 2022 and subsequent years, the annual home accessibility spending limit has increased from $10,000 to $20,000. People 65 and older and people with disabilities can claim a tax credit of up to $1,500.
This tax credit concerns expenses related to the renovation or modification of a dwelling in order to make it accessible and safe for the occupant. All the details are here (New window).
Also, for 2021 and future years, a person diagnosed with type 1 diabetes is now deemed to have met the requirements for life-sustaining therapeutic care of twice a week and 14 hours a week. .
This last measure is part of the disability tax credit (New window).
To consult the other tax credits and benefits for individuals, go to the website of theARC (New window).
