With personal tax season approaching, we want to help you ensure you’re on top of your game when it comes time to file. We have compiled a quick facts sheet for you to start preparing and ensuring that you file on time and have the opportunity to optimize your refund.
Upcoming Deadlines
Tax filing deadline (Canadians and non-residents) | April 30, 2024 |
Deadline to pay outstanding taxes | April 30, 2024 |
Tax filing deadline (Self-employed individuals) | June 15, 2024 |
Important Changes for 2023 Personal Taxes
Remittances or payments above $10,000 – as of January 1, 2024, payments to the CRA must be made electronically if the amount to be paid exceeds $10,000. If this is not done, there may be penalties assessed.
First home savings account (FHSA) – a new registered plan that taxpayers can make tax-deductible contributions to. Qualifying withdrawals may be made tax-free. Reach out to us for more information on how you can take advantage of this program.
Multigenerational home renovation tax credit (MHRTC) – a new refundable credit that allows for some renovation costs incurred for the creation of a secondary unit may be claimable as qualifying expenditures and may make you eligible for a credit of $7,500 per claim.
Home office expenses – for 2023 onwards, the simplified method of claiming home office expenses made available during COVID is no longer available. Expenses will need to be submitted using the detailed method.
Property flipping rules – Starting January 1, 2023, property owned for less than 365 consecutive days may be subject to taxation as business income as opposed to the usual capital gains tax due to the new residential property flipping rules.
Information To Gather
To be prepared for tax filing season, we recommend getting a head start on gathering all of your slips and tax information:
T-Slips
T4 – employment inclome
T4A - self-employment/contractor income
T3, T5, T5008 – dividends, interest, capital gains, and other income
T2125 - Self-employed/proprietorship income and expenses
T776 - Rental income and expenses
T2200/T777 – Work-from-home expenses
RRSP Contribution details
Vehicle mileage data (if used for earning self-employed income or certain employment)
Medical expenses
Moving expenses
Childcare expenses
If you have a tax event that isn’t listed above or have a question about any of the above items, please feel free to reach out to us for more information.