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T1 Personal Tax Survival Guide 2024

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.


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