Nov 3/22 was the last deadline for THRP, HHBRP, and CRHP. See: COVID-19 Wage and hiring support for business for how to change or cancel a past claim.
We have lots of calculators – for 2023 and earlier income tax, borrowing, investing, RRIF withdrawals, CPP retirement pension calculator, and more.
These simple calculators show the tax advantage of receiving Canadian dividends over other types of investment income, even if the OAS clawback is increased. Separate calculator for Quebec.
Personal and Sales Taxes
Topics in this month’s 10-minute video for Tax and Financial Professionals:
- 2023 Automobile Limits
- Individual Instalment Interest – Unexpected Income
- Tax Loss Selling – Corporations
- COVID-19 Suspicious/Fraudulent Claims
- Tips and Gratuities – GST/HST
- EFILE Revocation
Are you turning 65 in 2023? Are other tax credits changing? Complete a 2023 TD1 form to give to your employer. Your TD1 forms determine your tax withholdings. Working part-time = maybe no tax withholdings.
The taxable operating cost benefit for an employer-owned vehicle used by an employee is increased to $0.33 per km, based on kms of personal use by the employee. The rate for automobile salespeople is increased to $0.30 per km.
The ceilings for capital cost allowances are being increased to $36,000 for Class 10.1 and $61,000 for Class 54. Deductible leasing costs are increased to $950 per month for new leases in 2023. The maximum interest deduction for new automobile loans remains at $300 per month.
The per km rates that can be paid tax-free to employees and deducted by employers are increased by $0.07 for 2023 to $0.68 per km for the first 5,000 km and then $0.62 per km, $0.72 and $0.66 for employees in the Territories.
The Quebec Ministry of Finance confirmed that the indexation factor for 2023 is an increase of 6.44% to those amounts subject to indexation.
Business / Employees / Self-Employed
The exemption for 2023 is $971,190 for Small Business Corporation shares, and $1M for qualified farming or fishing property. Long-term planning is required for this, and professional advice is recommended!
Persons with employment or self-employment income may be eligible for a refundable tax credit. The 2022 amounts vary from $1,025.21 for a single person to $4,523.20 for a couple with children, if one spouse has a severely limited capacity for employment.
Financial & Estate Planning / Registered Plans / Investing
These contributions should have been recorded on Schedule 7 of your 2021 tax return. If you omitted them, you need to adjust your 2021 tax return to avoid problems with your 2022 tax return.
Canada Dental Benefit
The CRA Dental Benefit portal is open until Friday, June 30, 2023, for applications related to the first benefit period of October 1, 2022, to June 30, 2023, for children under 12 years of age.
The CRA Rental Benefit portal is open until Friday, March 31, 2023, for applications for the tax-free $500 rental housing benefit for eligible persons who have paid rent in 2022 for their principal residence and who apply for the benefit.
Have your say by completing the questionnaire, or by preparing a formal submission, by February 10, 2023.