Simplified Northern Residents Travel Deduction - The Simplified Northern Residents Travel Deduction, a pilot project to make it easier for northern residents to determine the lowest return airfare, one of the three amounts required to claim the travel deduction come tax time. Available the week of February 20, 2023, on canada.ca/lowest-return-airfare, the simplified version features tables that identify the lowest return airfare amount found from airports with regularly scheduled commercial flights to a designated city. The airfare tables contain more than 135 airports, almost all of which are located in the prescribed zones.
Canada Dental Benefit – The new interim Canada Dental Benefit is available to eligible families earning less than $90,000 per year. It provides financial support for parents and guardians of children under 12 years old if they receive dental care in Canada and do not have access to private dental insurance. In order to receive this benefit, you need to have filed your 2021 tax return.
One-time top-up to the Canada Housing Benefit – The government introduced a one-time $500 payment to help lower-income renters facing housing affordability challenges. Applications are open until March 31, 2023. To obtain the one-time payment, you need to have filed your 2021 tax return. For more information on the eligibility requirements and how to apply, go to One-time top-up to the Canada Housing Benefit.
First-time home buyers’ 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 – For 2022 and later tax years, the annual expense limit of the home accessibility tax credithas increased to $20,000.
Disability tax credit – For 2021 and later tax years, an individual diagnosed with type 1 diabetes is considered to have met the two times and 14 hours per week requirements for life-sustaining therapy.
Learn more ➡️ http://ow.ly/AoaM50MX8mH (Source from CRA)