Tax news
Updated January 2024
NEW FOR 2023
A few items of note that are brand new for 2023 and may impact your tax return.
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RRSPs
The deadline for contributing to your own or your spousal RRSP is February 29, 2024…
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CRA Reviews & Audits
In Canada we file taxes based on the honour system. The check and balance for this, is random reviews by CRA.
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Children and Families
The Federal and Ontario Children’s Fitness and Arts Tax Credit has been eliminated.
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Students
Tuition fees paid to accredited post-secondary schools and reported on a Tuition Tax Credit form (T2202A) are deductible.
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Medical Expenses
In general, medical expenses are often overlooked. This is one area where taxpayers should be careful to keep receipts.
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Corporations
News specific to small-business corporations. What to file and when, how to take money out of your corporation.
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Tax Scams
There are a number of scams making the rounds in recent months and we have had more inquiries than ever.
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Canada Pension Plan
Self-employed individuals – you are contributing to the CPP and may not notice it; it’s included as part of the tax calculations.
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Income
Most income is taxable, and it’s probably best to assume that income received will be taxed. That said, it may be interesting to learn what types of income are not taxable.
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Tax Free Savings
The TFSA contribution limit for 2023 was $6,500 and for 2024 it will rise to $7,000 per year.
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