The Accounting and Tax

Canadian business tax updates for May 2023

Canadian business tax updates for May 2023

1. The Canada Revenue Agency (CRA) has released new guidance on the calculation of the new temporary accelerated capital cost allowance (ACCA) for eligible clean energy equipment.
2. The CRA has also released new guidance on the calculation of the new temporary investment tax credit (ITC) for eligible clean energy investments.
3. The federal government has announced that it will be extending the temporary suspension of the Goods and Services Tax (GST) and harmonized sales tax (HST) on public transit fares until March 31, 2024.
4. The federal government has also announced that it will be increasing the amount of the Canada Workers Benefit (CWB) by $200 per month for all eligible recipients.
5. The Ontario government has announced that it will be increasing the minimum wage to $16.50 per hour on October 1, 2023.
6. The Ontario government has also announced that it will be expanding the Working Income Tax Credit (WITB) by increasing the maximum amount of the credit and expanding the eligibility criteria.
7. The Quebec government has announced that it will be increasing the minimum wage to $15.50 per hour on October 1, 2023.
8. The Quebec government has also announced that it will be expanding the Quebec Solidarity Tax Credit (QSTC) by increasing the maximum amount of the credit and expanding the eligibility criteria.
9. The federal government has announced that it will be providing a one-time payment of $500 to low-income households to help offset the rising cost of living.
10. The federal government has also announced that it will be providing a new tax-free savings account (TFSA) for first-time homebuyers.
11. The federal government has announced that it will be increasing the amount of the Home Buyers’ Plan (HBP) from $25,000 to $35,000.
12. The federal government has also announced that it will be extending the deadline for using the HBP from five years to ten years.
13. The Ontario government has announced that it will be providing a one-time payment of $200 to energy consumers to help offset the rising cost of electricity.
14. The Ontario government has also announced that it will be providing a new rebate for homeowners who install energy-efficient appliances.
15. The Quebec government has announced that it will be providing a one-time payment of $100 to energy consumers to help offset the rising cost of electricity.
16. The Quebec government has also announced that it will be providing a new rebate for homeowners who install energy-efficient appliances.
17. The federal government has announced that it will be providing a new tax credit for businesses that hire new apprentices.
18. The federal government has also announced that it will be increasing the amount of the Research and Development Tax Credit (RDTC).
19. The Ontario government has announced that it will be providing a new tax credit for businesses that invest in new machinery and equipment.
20. The Ontario government has also announced that it will be increasing the amount of the Ontario Small Business Venture Capital Tax Credit (OSBVCTC).

Visit The Accounting & Tax for more Canadian business tax updates. Get the best business advice from the best tax consultant in Toronto.