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The Accounting and Tax

Canadian Tax Update June 2023

20 Canadian Tax Update June 2023

Canadian Tax Update June 2023

  1. The Canada Revenue Agency (CRA) has announced that the deadline for filing your 2022 tax return has been extended to June 15, 2023. This is due to the COVID-19 pandemic and the associated disruptions.
  2. The CRA has also announced that the first installment of your 2023 taxes is due on June 15, 2023. This installment is based on your 2022 income, so if your income has changed since then, you may need to adjust your payment.
  3. The CRA has changed the child tax benefit (CTB). The maximum amount of the CTB has been increased, and the age range for eligibility has been extended.
  4. The CRA has also made some changes to the GST/HST credit. The maximum amount of the credit has been increased, and the income threshold for eligibility has been lowered.
  5. The CRA has introduced a new tax credit for low-income workers. This credit is worth up to $500 per year, and it is available to individuals who earn less than $35,000 per year.
  6. The CRA has increased the amount of the charitable donation tax credit. This credit is worth 15% of the value of your donations, up to a maximum of $750 per year.
  7. The CRA has introduced a new tax credit for home renovations that improve energy efficiency. This credit is worth up to $5,000 per year and is available to individuals who make eligible renovations to their principal residence.
  8. The CRA has increased the amount of the transit tax credit. This credit is worth 50% of the cost of your monthly transit passes, up to a maximum of $100 per month.
  9. The CRA has introduced a new tax credit for the cost of childcare. This credit is worth up to $7,000 per year for children under the age of 6, and it is available to parents who work or look for work.
  10. The CRA has increased the amount of the medical expenses tax credit. This credit is worth 15% of the cost of your eligible medical expenses, up to a maximum of 3% of your net income.
  11. The CRA has introduced a new tax credit for the cost of prescription drugs. This credit is worth 20% of the cost of your eligible prescription drugs, up to a maximum of $2,500 per year.
  12. The CRA has increased the amount of the disability tax credit. This credit is worth up to $8,268 per year for eligible individuals.
  13. The CRA has introduced a new tax credit for funeral expenses. This credit is worth $2,500 per year, and it is available to individuals who pay for the funeral of a loved one.
  14. The CRA has increased the amount of the tuition tax credit. This credit is worth 15% of the cost of your post-secondary education, up to a maximum of $6,000 per year.
  15. The CRA has introduced a new tax credit for textbooks and supplies. This credit is worth 20% of the cost of your textbooks and supplies, up to a maximum of $200 per year.
  16. The CRA has increased the amount of the student loan interest tax credit. This credit is worth 15% of the interest you pay on your student loans, up to a maximum of $500 per year.
  17. The CRA has introduced a new tax credit for moving expenses. This credit is worth $1,500 per person, and it is available to individuals who move for work.
  18. The CRA has increased the amount of the First-Time Home Buyers’ Tax Credit. This credit is worth up to $5,000 and is available to individuals purchasing their first home.
  19. The CRA has introduced a new tax credit for the cost of energy-efficient home improvements. This credit is worth up to $2,000 and is available to individuals who make eligible improvements to their principal residence.
  20. The CRA has increased the amount of the GST/HST rebate for low-income individuals. This rebate is worth up to $720 per year, and it is available to individuals who have a low income.

Visit The Accounting & Tax the tax preparation expert in Canada to know more about June 2023 Canadian Tax update.

Mansoor Suhail has been providing Accounting, Bookkeeping and Taxation services since 2001 in Toronto, Canada. He is fully competent in Canada and U.S.A tax filings and consultation. He can handle Personal, Small Business, Partnerships and Corporations tax issues with full confidence. He is also able to handle International tax issues for Foreign Students, Expatriates and Foreign Corporations.

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