Understand Your Tax Changes – 2022

 

    Key dates for 2022 taxes

Filing dates for 2022 taxes

• February 20, 2023: Earliest day to file your taxes online

 April 30, 2023 Deadline to file your taxes

• June 15, 2023: Deadline to file your taxes if you or your spouse or common-law partner are self-employed

Payment date for 2022 taxes

• April 30, 2023 (May 1, 2023 since April 30 is a Sunday): Deadline to pay your taxes

     Important changes in 2022 Tax

First-time home buyer’s tax credit

The amount used to calculate the first-time home buyers’ tax credit has increased to $10,000 for a qualifying home purchased after December 31, 2021.

Home accessibility tax credit 

The annual expense limit of the home accessibility tax credit has increased to $20,000.

Disability tax credit

For 2021 and later tax years, an individual diagnosed with type 1 diabetes is deemed to have met the two times and 14 hours per week requirements for life-sustaining therapy.

Labour mobility deduction for tradespeople

Eligible tradespeople and apprentices working in the construction industry with a deduction for certain temporary relocation expenses. Eligible individuals may be able to deduct up to $4,000 in eligible expenses per year. 

Medical expense tax credit

The list of eligible medical expenses has been expanded to include amounts paid to fertility clinics and donor banks in Canada to obtain donor sperm or ova to enable the conception of a child by the individual, the individual’s spouse or common-law partner, or a surrogate mother on behalf of the individual. In addition, certain expenses incurred in Canada for a surrogate or donor are considered medical expenses of the individual.

This is for information purposes only, we do not guarantee the benefit and are not responsible for any loss that has occurred.

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