Links and Resources
Canada Revenue Agency www.canada.ca/en/revenue-agency.html
Ontario Holiday Pay Calculator www.ontario.ca/page/public-holiday-pay-calculator
Ontario Payroll Deductions Pay Calculator www.canada.ca/en/revenue-agency/services/e-services/e-services-businesses/payroll-deductions-online-calculator.html
WSIB www.wsib.ca/en
|
Top 5 Reasons for Business Incorporation
|
| ||
|
Personal Tax Checklist
|
| ||
|
Small Business Tax Checklist
|
| ||
Tax Credits To Know About
NEW in 2023- MULTIGENERATIONAL HOME RENOVATION TAX CREDIT
A refundable credit to assist in the cost of renovating an eligible dwelling to create a secondary unit that allows a qualifying individual (senior or adult with disability tax credit) to live with a qualifying relation. Claim up to $50,000 in qualifying expenditures. Credit is 15% of your cots, to a maximum of $7,500 for each qualifying claim.
MEDICAL EXPENSES
For medical expenses to be eligible they must total 3% or more of your total personal income. One spouse can claim both parties and any children's expenses. Request summaries or annual statements from your pharmacy, massage therapist, dentist, chiropractor, and or a benefits statement from your provider to accurately summarize and catch all eligible medical expenses. Significant amounts of individual receipts are not preferred. Some expenses that are eligible that are not well known include; ambulance service, cancer treatment in or outside of the country, crutches, diapers or disposable briefs, egg and sperm freezing and storage, gluten-free food products for those with celiac disease, service animal, and wigs.
HOME ACCESSIBILITY TAX CREDIT
For those eligible for the disability tax credit or individuals 65 or older. Renovations or construction expenses that give a person access or greater mobility or function within the home and reduce the risk of harm to the qualifying individual within the home or in gaining access to the home. A maximum of $10,000 per year in qualifying expenses can be claimed for a credit up to $1,500. If a qualifying expenses is also an eligible medical expense, you can claim both the Medical Tax Credit and the Home Accessibility Tax Credit.
MOVING EXPENSES
If you are moving to be closer to a a new job, or new job location. Your new home must be 40 kilometers closer to your new location. Expenses include but are not limited to; transportation and storage cots, travel expenses such as meals, accommodations, temporary living expenses up to 15 days, cost of cancelling your lease, the cost to maintain your old home when vacant up to $5,000, cost of selling your home including real estate fees and mortgage penalties, and the cost of buying your new home including legal fees, real estate commission, and mortgage penalties.
ONTARIO SENIORS CARE AT HOME
Eligible to those 70 or older and require care at home to support aging at home. Eligible medical expenses up to $6,000 can be claimed for a credit of $1,500. This amount is reduced by 5% of family income over $35,000 and phased out by $65,000. Some eligible expenses include hearing aids, hospital beds, attendant care, electric scooter, wheelchair, walking aids, bathroom aids, renovation or construction that improves a persons mobility or function.
NEW in 2023- MULTIGENERATIONAL HOME RENOVATION TAX CREDIT
A refundable credit to assist in the cost of renovating an eligible dwelling to create a secondary unit that allows a qualifying individual (senior or adult with disability tax credit) to live with a qualifying relation. Claim up to $50,000 in qualifying expenditures. Credit is 15% of your cots, to a maximum of $7,500 for each qualifying claim.
MEDICAL EXPENSES
For medical expenses to be eligible they must total 3% or more of your total personal income. One spouse can claim both parties and any children's expenses. Request summaries or annual statements from your pharmacy, massage therapist, dentist, chiropractor, and or a benefits statement from your provider to accurately summarize and catch all eligible medical expenses. Significant amounts of individual receipts are not preferred. Some expenses that are eligible that are not well known include; ambulance service, cancer treatment in or outside of the country, crutches, diapers or disposable briefs, egg and sperm freezing and storage, gluten-free food products for those with celiac disease, service animal, and wigs.
HOME ACCESSIBILITY TAX CREDIT
For those eligible for the disability tax credit or individuals 65 or older. Renovations or construction expenses that give a person access or greater mobility or function within the home and reduce the risk of harm to the qualifying individual within the home or in gaining access to the home. A maximum of $10,000 per year in qualifying expenses can be claimed for a credit up to $1,500. If a qualifying expenses is also an eligible medical expense, you can claim both the Medical Tax Credit and the Home Accessibility Tax Credit.
MOVING EXPENSES
If you are moving to be closer to a a new job, or new job location. Your new home must be 40 kilometers closer to your new location. Expenses include but are not limited to; transportation and storage cots, travel expenses such as meals, accommodations, temporary living expenses up to 15 days, cost of cancelling your lease, the cost to maintain your old home when vacant up to $5,000, cost of selling your home including real estate fees and mortgage penalties, and the cost of buying your new home including legal fees, real estate commission, and mortgage penalties.
ONTARIO SENIORS CARE AT HOME
Eligible to those 70 or older and require care at home to support aging at home. Eligible medical expenses up to $6,000 can be claimed for a credit of $1,500. This amount is reduced by 5% of family income over $35,000 and phased out by $65,000. Some eligible expenses include hearing aids, hospital beds, attendant care, electric scooter, wheelchair, walking aids, bathroom aids, renovation or construction that improves a persons mobility or function.