![]() "The contributions they make to that account are going to be deductible, so that's kind of similar to what we have for a ," Herzog said. The new multigenerational home renovation tax credit can cover up to $7,500 for adding a secondary suite to accommodate a family member who is a senior or has a disability.Īnother change expected to be significant is the tax-free first home savings account, which allows first-time home buyers to save $8,000 per year for up to five years, for a maximum total of $40,000. The credits range from $234 to $628, depending on family size.Ĭanada's new dental benefit program will provide families with up to $1,300 per child over two years, depending on income. Starting in November, the federal government began issuing increased GST/HST tax credits to low- and modest-income Canadians. Alberta, which has the highest basic personal amount in the country, is $19,369. ![]() The federal basic personal amount has increased to $14,398 as part of an overall plan to increase the amount to $15,000 in 2023. It can be claimed for renovation costs in making homes safer or more accessible for seniors, people over 65, or people with disabilities. The home accessibility tax credit has also been doubled from $10,000 to $20,000. It is a non-refundable federal tax credit geared toward offsetting costs involved in buying a first home. The first-time home buyers' tax credit was increased to $10,000 in 2022 from the previous $5,000. "So that's some welcomed relief, considering that inflation has been crazy over the past year, and quite possibly will be the same case for some of next year as well." Tax credits and deductions "If you're a retired senior, you might be able to withdraw a little bit more from let's say, your RRIF - your registered retirement income fund - but it won't necessarily put you into a higher tax bracket, where you'll be taxed more," Herzog said. This provides the opportunity for people to increase their purchasing power. ![]() Looking ahead about 16 months to when Canadians will be filing their 2023 tax returns, federal taxes will see an indexation increase of 6.3 per cent, a significant departure from the typical increase of two to 2.5 per cent.
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