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What’s new and what to remember when filing your taxes in Ontario this year
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.
What you need to know for the 2023 tax-filing season
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.
Received a T4A slip from CRA? Here’s what you need to know
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
Design of the Tax-Free First Home Savings Account
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 …
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Indexation adjustment for personal income tax and benefit amounts
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
How to make sure it is the CRA who is calling? Do not fall to scams
A legitimate CRA employee will identify themselves when they contact you, providing you with their name and phone number to call them back, if needed. If you’re suspicious, you can make sure the caller is a CRA employee before providing any information over the phone. Here’s how: Tell the caller you would like to first verify their identity. …
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