Tax news
Updated January 2023
NEW FOR 2022
A few items of note that are new for 2022 and may impact your tax return.
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RRSPs
The deadline for contributing to your own or your spousal RRSP is March 1st, 2023…
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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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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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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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Corporations
News specific to small-business corporations. What to file and when, how to take money out of your corporation.
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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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