As the tax season approaches, it’s crucial to stay informed about the latest tax breaks and changes to Canada’s tax code. Here are some key insights to help you maximize your savings for 2024.
- For the 2023 tax year, the basic personal amount stands at $15,000, offering all taxpayers a non-refundable tax credit to reduce their income taxes. This credit is particularly beneficial for those earning more than $15,000, allowing them to lower their total tax liability effectively. Learn More
- First-time home buyers and individuals with disabilities can claim a non-refundable tax credit of $10,000 for purchasing a qualifying home. This credit can also be retroactively claimed for homes purchased in 2021 or earlier, providing additional financial relief. Learn More
- With the surge in remote work, employees can claim deductions for various home office expenses, including utilities, internet fees, rent, and maintenance costs. Keep an eye out for the updated home office expense sheet from the CRA to simplify your deductions. Learn more.
- If you’ve relocated more than 40 kilometers for a new job or school, you may be eligible to deduct your moving costs. This deduction offers significant relief for individuals seeking to reduce their cost of living. Learn more
- While no new tax credits were introduced, several changes to Canadian tax codes will impact the 2024 tax season. These include higher federal income taxes and contributions, an increase in CPP contributions and EI premiums, as well as adjustments to carbon and alcohol taxes. Learn more
To ensure you’re making the most of available tax breaks, consider seeking assistance from a trusted accountant or tax preparer. Their expertise can help you navigate complex deductions and optimize your savings.
Our tax services are open to new clients for the 2023 tax year. We’re here to assist you every step of the way!
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