2023 has a lot of changes for the Canadian Tax Payer - everything from First Time Home Buyers Savings Plan to Multi-Generational Tax Deductions.
Some great tips include - signing up for a tax planning session with our team, reading our chimpmail updates and making sure that you let us know if anything has changed in your life since last year.
Some quick changes that you may need to know about:
First Time Home Buyers Savings Plan - very similar to an RSP, except it is for saving up for your first home - this amount does NOT need to be repaid!
Bare Trusts - if you have co-signed any kind of loan, this will probably create a bare trust compliance issue - yes, this means one more return that needs to be filed
UHC Tax - if you own rental properties, or even a vacation cabin - you may need to file these schedules on your return and you may need to pay more tax
ADHD and other mental health issues - if you or your dependent has been diagnosed with a recognized mental health issue, let us know as you may be able to qualify for additional tax deductions
Multi-generational tax credit - there is a chance to obtain a tax credit for modifying your home to allow for a multi-generational living arrangement
there is always more - best to book a call for a quick chat