A number of changes have come into effect for the personal tax season this year (2022). The following is a list of tax credits that may be applicable to your return this year:
Air quality improvement tax credit
If you were self-employed or a member of a partnership in 2022, you may be eligible to claim a refundable tax credit equals to 25% of your total ventilation expenses to improve ventilation or air quality at your place of business.
Disability tax credit
For 2021 and later tax years, an individual diagnosed with type 1 diabetes is now deemed to have met the two times and 14 hours per week requirements for life-sustaining therapy.
First-time home buyer's 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
The annual expense limit of the home accessibility tax credit has increased to $20,000.
Labour mobility deduction for tradespeople
The labour mobility deduction provides eligible tradespeople and apprentices working in the construction industry with a deduction for certain temporary relocation expenses. Eligible individuals may be able to deduct up to $4,000 in eligible expenses per year.
Medical expense tax credit (for surrogacy and other expenses)
The list of eligible medical expenses has been expanded to include amounts paid to fertility clinics and donor banks in Canada to obtain donor sperm or ova to enable the conception of a child by the individual, the individual's spouse or common-law partner, or a surrogate mother on behalf of the individual. In addition, certain expenses incurred in Canada for a surrogate or donor are considered medical expenses of the individual.
If you need assistance with claiming these credits or others and would like to have your return professionally prepared please feel free to contact me at 778-868-1665.
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