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Getting Ready for 2023 Tax Returns: 5 Essential Updates for Individuals & Corporations

Updated: Nov 6, 2023

As tax season approaches, it's crucial to stay informed about the latest tax regulations that could impact your financial well-being. At SKG Financial, we are committed to keeping you up-to-date with the vital information you need to tackle your 2023 tax returns with confidence. Whether you're an individual or a corporation, the following 2023 tax updates will be invaluable as you prepare for this year's tax season.

1. Managing COVID-19 Benefit Repayments:

  • The Canada Revenue Agency (CRA) has introduced a new form, the T1B Request, which allows taxpayers to deduct federal COVID-19 benefit repayments made in 2023 on their 2020 or 2021 returns. This option gives you the flexibility to either deduct repayments on previous returns or split the deduction between your 2023 return and the year in which you received the benefit. This can be a game-changer for those navigating these unique circumstances.

2. Enhanced First-Time Home Buyers' Tax Credit:

  • If you're a first-time homebuyer, there's fantastic news! The amount used to calculate the first-time home buyers' tax credit has doubled, increasing from $5,000 to a substantial $10,000. This increase applies to qualifying homes purchased after December 31, 2021. Don't miss out on this opportunity to make homeownership more affordable.

3. Home Accessibility Tax Credit Expansion:

  • The non-refundable home accessibility tax credit provides a financial boost for eligible home renovation or alteration expenses. It aims to make homes more accessible and safe for qualifying individuals. In 2023, the annual expense limit has been raised to $20,000, making it even more advantageous for those who need to improve their home's accessibility.

4. Labor Mobility Deduction for Tradespeople:

  • A new labor mobility deduction is available for eligible tradespeople and apprentices working in the construction industry. You can now deduct up to $4,000 in eligible temporary relocation expenses per year. This is a tax benefit designed to support your career mobility in the construction field.

5. Expanded List of Eligible Medical Expenses:

  • The list of eligible medical expenses has been updated in 2023. It now includes amounts paid to fertility clinics and donor banks in Canada to obtain donor sperm or ova, enabling a child's conception by the individual, their spouse/common-law partner, or a surrogate mother on their behalf. This expansion recognizes the changing landscape of medical treatments and their associated costs.

As your personal and business circumstances change, so do your tax obligations. Our expert team at SKG Financial can help you navigate the complexities of the 2023 tax season. We're here to assist you in making the most of these tax-saving opportunities and ensuring your tax returns are accurate and stress-free.

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