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The 2022 tax season includes several updates for Ontario and Alberta taxpayers. Key changes include deductions for repaid COVID-19 benefits, an increased basic personal amount of $14,398, and an expanded first-time home buyer’s amount of $10,000. The Home Accessibility Tax Credit limit rises to $20,000, and the METC now covers surrogacy expenses. New deductions are available for tradespersons’ mobility and Ontario's staycation tax credit. OAS benefits thresholds are updated, and the RRSP limit is $29,210. Immediate expensing for eligible property and the Underused Housing Tax are also introduced. For 2023, tax brackets, OAS clawback thresholds, and several new credits and rules are adjusted.
Address:
Maroof HS CPA Professional Corporation
4102-85 Queens Wharf Rd
Toronto, M5V 0J9, ON
Canada
(647)724-4308
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