Tax Tips You Need To Know Before Filing Your 2022 Taxes
This year’s tax deadline is May 1, 2023, as April 30 falls on a Sunday this year. It’s important to make sure you’re claiming all the credits and deductions you’re eligible for. In this article, we’ll provide you with tips to help you maximize your tax refund and ensure you’re taking advantage of all the available tax benefits.
Canada Workers Benefit
The Canada Workers Benefit (CWB) is a refundable tax credit designed to help low-income working families and individuals. The credit is made up of two parts:
To determine whether you qualify for the tax credit, you’ll need to consider your net income and where you live. The CRA website provides full details about the net income qualification amounts.
The maximum amounts you can qualify for are as follows:
Claiming Home Office Expenses Due To COVID-19
You can still claim home office expenses if you’re not self-employed but worked from home due to the pandemic. You can:
The Tax Deduction for Zero-Emissions Vehicles
A capital cost allowance (CCA) is a tax deduction that helps cover the cost of an asset’s depreciation over time. The CRA created two new capital cost allowances, which apply to zero-emission vehicles bought after March 18, 2019.
They are as follows:
Return Of Fuel Charge Proceeds To Farmers Tax Credit
You may be eligible for this tax credit if you are either self-employed or part of a farming partnership in Alberta, Manitoba, Ontario and Saskatchewan.
This tax credit aims to help farmers offset the high cost of the carbon tax.
Eligible Educator School Supply Tax Credit
You can claim up to $1,000 of eligible supplies and expenses if you qualify for the educator school supply tax credit.
The tax credit rate for the 2022 tax year is 25%, with a maximum credit of $250.
Do you qualify for a credit or deduction? Call us – we’re here to save you money on your taxes!