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Filing your returns of 2023 - what's new?



Electronic remittances or payments above $10,000 

As of January 1, 2024, remittances or payments to the Receiver General of Canada should be made as an electronic payment if the amount is more than $10,000. Payers may face a penalty unless they cannot reasonably remit or pay the amount electronically.


Advanced Canada workers benefit (ACWB)

Advance payments of the Canada workers benefit (CWB) are now issued automatically under the ACWB to those who received the benefit in the previous tax year. As a result, Form RC201, Canada Workers Benefit Advance Payments Application, has been discontinued. If you have an eligible spouse, you can choose who will claim the basic amount for the CWB regardless of who received the RC210 slip for the basic amount


Canada Carbon Rebate (CCR) (formerly known as climate action incentive payment)

The Government of Canada has announced its intention to double the rural supplement to 20% starting in April 2024. It also intends to continue using the census metropolitan areas determined by the 2016 Census for the 2023 and 2024 tax years.


Deduction for tools (tradespersons and apprentice mechanics)

Starting in 2023, the maximum employment deduction for tradespersons’ eligible tools has increased from $500 to $1,000.


Federal, provincial and territorial COVID-19 benefit repayments

Federal, provincial and territorial COVID-19 benefit repayments made after December 31, 2022 can be claimed as a deduction on line 23200 of your 2023 return.


First home savings account (FHSA)

Starting April 1, 2023, contributions to an FHSA are generally deductible and qualifying withdrawals made from an FHSA to purchase a qualifying home are tax free. 


Temporary flat rate method for home office expenses

The temporary flat rate method does not apply to 2023. Therefore, taxpayers looking to claim home office expenses for 2023 will be required to use the detailed method and get a completed Form T2200, Declaration of Conditions of Employment, from their employer.


Multigenerational home renovation tax credit (MHRTC)

The MHRTC is a new refundable tax credit that allows an eligible individual to claim certain renovation costs to create a secondary unit within an eligible dwelling so that a qualifying individual can reside with their qualifying relation. If eligible, you can claim up to $50,000 in qualifying expenditures for each qualifying renovation completed, up to a maximum credit of $7,500 for each claim you are eligible to make.


Property flipping

Starting January 1, 2023, any gain from the disposition of a housing unit (including a rental property) located in Canada, or a right to acquire a housing unit located in Canada, that you owned or held for less than 365 consecutive days before its disposition is deemed to be business income and not a capital gain, unless the property was already considered inventory or the disposition occurred due to, or in anticipation of certain life events.


Return of fuel charge proceeds to farmers tax credit

The Return of fuel charge proceeds to farmers tax credit is now available to self-employed farmers and individuals who are members of a partnership operating a farming business with one or more permanent establishments in Alberta, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island or Saskatchewan. If eligible, a portion of your fuel charge proceeds may be returned to you


(Source from CRA)



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