Tax On Time Taxation Services

02/13/2024

www.TaxOnTime.net Tips:

Updated Form T2200

The CRA has updated Form T2200 Declaration of Conditions of Employment for the 2023 tax year. Just so you know, eligible employees who want to claim home office expenses for 2023 must use the detailed method and have a completed Form T2200 signed by their employer. The temporary flat rate method introduced during the COVID-19 pandemic does not apply to the 2023 tax year. The temporary flat rate method was only available for three tax years (2020, 2021 and 2022).

The updated form: https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t2200.html

TaxOnTime Taxation Services Equipped to do taxes for any of the years from 2002 onward. Qualified to do Personal Taxes as well as Self Employment, Working from home, Employment Expenses, Rental Income, New Immigrant to Canada Income Tax forms. We provide an estimate for RRSP contribution. We also

04/08/2022

TaxOnTime.net Tips: Medical Expense Tax Credit for Surrogacy and Other Expenses
*expansion of eligible medical expenses to include
*medical expenses related to a surrogate mother or s***m, ova or embryo donor
*only expenses incurred in Canada would be eligible
*for 2022 and later taxation years

04/08/2022

TaxOnTime.net tips: Labour Mobility Deduction for Tradespeople
*for tradespeople or apprentices making eligible temporary relocations to enable them to obtain or maintain employment
*deduction of up to $4,000 in eligible expenses per year
*for 2022 and later taxation years
*amounts claimed here would not be deductible under the existing Moving Expense Deduction

04/08/2022

TaxOnTime.net Tips: Residential Property Flipping Rule:
profits are fully taxable as business income, not capital gains, and no principal residence exemption, for residential property owned for less than 12 months
for properties sold on or after Jan 1, 2023
https://www.taxtips.ca/personaltax/taxation-of-real-estate-sales.htm

TaxTips.ca - When are gains on real estate sales taxable? What about your principal residence?

04/08/2022

www.TaxOnTime.net Tips: Residential Property Flipping Rule:
**profits are fully taxable as business income, not capital gains, and no principal residence exemption, for residential property owned for less than 12 months
**exemptions for certain life events
**for properties sold on or after January 1, 2023
https://www.taxtips.ca/personaltax/taxation-of-real-estate-sales.htm

TaxTips.ca - When are gains on real estate sales taxable? What about your principal residence?

04/08/2022

TaxOnTime.net Tips: Home Accessibility Tax Credit
increased from $10,000 to $20,000
for expenses incurred in the 2022 and later taxation years
see our article https://www.taxtips.ca/filing/home-accessibility-tax-credit.htm

TaxTips.ca - Federal Home Accessibility Tax Credit (HATC) for 2016 and later taxation years

04/08/2022

www.TaxOnTime.net Tips: Multigenerational Home Renovation Tax Credit:
non-refundable tax credit of 15% of the lesser of eligible expenses and $50,000, for a maximum credit of $7,500

for eligible expenses for a qualifying renovation that creates a secondary dwelling unit to permit an eligible person (a senior or a person with a disability) to live with a qualifying relation

TaxOnTime Taxation Services Note: Service is available during the Social Isolation due to the COVID-19 (Please contact for more information) Info: Equipped to do taxes for any of the years from 2002 onward. Qualified to do Personal Taxes as well as Self Employment, Working from home, Employment

04/08/2022

www.TaxOnTime.net Tips: Home Buyers' Tax Credit (HBTC) increased from $5,000 to $10,000, which would provide up to $1,500 tax credit.

First-time home buyers who acquire a qualifying home can obtain up to $750 in tax relief by claiming the First-Time Home Buyers’ Tax Credit (HBTC). The value of this non-refundable credit is calculated by multiplying the credit amount of $5,000 by the lowest personal income tax rate (15 per cent in 2022). Any unused portion of the HBTC may be claimed by an individual’s spouse or common-law partner as long as the combined total does not exceed $750 in tax relief.

An individual is a first-time home buyer if neither the individual nor the individual’s spouse or common-law partner owned and lived in another home in the calendar year of the home purchase or in any of the four preceding calendar years. This credit is also available for certain acquisitions of a home by or for the benefit of an individual who is eligible for the Disability Tax Credit, even if the first-time home buyer condition is not met.

A qualifying home is one that the individual or individual’s spouse or common-law partner intends to occupy as their principal residence no later than one year after its acquisition.

Budget 2022 proposes to double the HBTC amount to $10,000, which would provide up to $1,500 in tax relief to eligible home buyers. Spouses or common-law partners would continue to be able to split the value of the credit as long as the combined total does not exceed $1,500 in tax relief.

This measure would apply to acquisitions of a qualifying home made on or after January 1, 2022.

TaxOnTime Taxation Services Note: Service is available during the Social Isolation due to the COVID-19 (Please contact for more information) Info: Equipped to do taxes for any of the years from 2002 onward. Qualified to do Personal Taxes as well as Self Employment, Working from home, Employment

04/08/2022

www.TaxOnTime.net Tips: Tax-Free First Home Savings Account (FHSA) https://budget.gc.ca/2022/report-rapport/tm-mf-en.html Budget 2022 proposes to create the Tax-Free First Home Savings Account (FHSA), a new registered account to help individuals save for their first home. Contributions to an FHSA would be deductible and income earned in an FHSA would not be subject to tax. Qualifying withdrawals from an FHSA made to purchase a first home would be non-taxable.

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