With the 2022 tax season in full swing, it is important that filing your tax returns is taken seriously.
During the tax season, Canadians need to include many things on their tax returns like all of their income and tax credits such as eligible moving expenses. There are many tax credits that taxpayers can include on their returns. It is best that you check with the Canada Revenue Agency or your accountant for any changes affecting the 2022 tax season.
Within this year’s 2022 tax season, the earliest time you could file your taxes online was February 20, 2023, and the deadline to file your taxes is April 30, 2023 (May 1, since April 30 is a Sunday). The deadline is extended to June 15, 2023, if you and your spouse or common-law partner are self-employed.
Since there have been lots of changes in the past couple of years many people are not fully aware of what they need to file.
“With the inflation so high [and] everything being so crazy expensive; groceries and fuel; I would do anything possible to get as much money back as I possibly can”. said Veronique Dewilde owner of Koda Financial Dewilde/Koda TaxAdVise.
Taxpayers could be able to claim medical expenses including dental, health and premiums paid for health insurance. The list of eligible expenses has been expanded for 2022 and includes:
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Disability tax credit.
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Medical expenses.
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Moving expenses.
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Digital news subscription expenses.
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Home office expenses for employees.
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Canada training credit.
Another thing you can do, to get the most out of your tax season is to write off the amount of gas you use to get if you are self-employed. If you forgot; the tip is “You don’t know how many kilometres you drove for employment, or for as an employee, you can’t calculate how much your car can be claimed” said Dewilde. Employees may be able to include some eligible expenses also if their employer provides a Declaration of Conditions of Employment form.
There has been an increase in the new buyer’s credit added for first-time home buyers which is a non-refundable tax credit. In 2022 that amount increased to $10,000.
There has been an increase to the Climate Action Plan that are included again this year. People who live in rural and small communities including Airdrie can receive an additional 10 percent of their base amount.
Most adults can expect a higher Climate Action Incentive this year:
-$772.00 for an individual over 19
-$193.00 for a child under 19
-$386.00 for one child to a single-parent family
-$386.00 additional for a spouse
After the pandemic food inflation has increased by upwards of 10 per cent, “I think nowadays, with the inflation so high everything being so crazy, expensive, you know, groceries and fuel and everything. I would do anything possible to get as much money back as I possibly can” Dewilde added.
The common mistakes that tax accountants see people make are some of the people forget to file extra income they make within the year such as money from a side job or tips from a servicing job.
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