Tax season is upon Ontario residents and the Canada Revenue Agency (CRA) is getting ready to answer questions from taxpayers and make it easier and quicker for them to file their 2022 income tax and benefit return.
As we approach the 2023 tax season in Canada, it’s important to start thinking about preparing and filing your taxes for the 2022 tax year. Here are some key reminders and tips to help you get organized and avoid any last-minute stress. Know the deadlines: The deadline for filing your personal income tax return in …
Millions of Canadians file their income tax and benefit returns every year. For the 2022 tax-filing season, Canadians filed approximately 31 million returns and 92% of them were filed electronically. Also, there were over 17 million refunds processed, resulting in a total amount of $37 billion!
We know that having the information you need on hand makes filing easier. Below, you’ll find what you need to know for this year, including what’s new.
Did you receive COVID-19 benefit payments from the Canada Revenue Agency (CRA) in 2022? If you did, you should receive a T4A Statement of Pension, Retirement, Annuity, and Other Income slip. These payments are taxable, and you need the information on your T4A slip when filing your income tax and benefit return. Learn More
In Budget 2022, the government proposed the introduction of the Tax-Free First Home Savings Account (FHSA). This new registered plan would give prospective first-time home buyers the ability to save $40,000 on a tax-free basis. Like a Registered Retirement Savings Plan (RRSP), contributions would be tax-deductible, and withdrawals to purchase a first home—including from investment …
Design of the Tax-Free First Home Savings Account Read More »
Each year, certain personal income tax and benefit amounts are indexed to inflation using the Consumer Price Index data as reported by Statistics Canada. Increases to tax bracket thresholds, amounts relating to non-refundable credits, and most other amounts below take effect on January 1 of the applicable year. Learn More
Every year, CRA send letters to eligible Canadians inviting them to file their income tax and benefit returns with the CRA’s File my Return automated phone service. Learn More
Seniors, we’re here to help make sure you get all the benefits and credits that you may be entitled to! These tips will help you complete your income tax and benefit return and avoid interruptions to your benefit and credit payments Read More
As a student, you may have many questions about taxes. It might even be your first time filing an income tax and benefit return, and that’s okay! We’re here to make tax-filing easier and to make sure you receive the benefits and credits you may be entitled to.
If you filed on paper last year, the CRA should mail you the 2022 income tax package. You should receive your package by February 20, 2023. Others who want to file on paper can: order or download forms online at canada.ca/cra-forms order forms by calling the CRA at 1-855-330-3305 starting January 24, 2023 Deadline for filing …
Filing your taxes by paper? here’s what you need to know Read More »
