Tax-filing season is fast approaching, and you may still have time to take advantage of certain credits. Here are a few notable changes to keep in mind.
Tax-filing season is fast approaching, and you may still have time to take advantage of certain credits.
And the Home Buyers’ Tax Credit, which has been around since 2009, doubled for 2022, Heath says. Previously, you could claim a maximum of $5,000 to get a 15 per cent tax rebate, or $750. That has doubled for 2022 to $10,000.Another change is related to medical expenses. As part of the federal budget, you can now claim certain surrogacy and donor expenses incurred in Canada for a medical expense tax credit, says Heath.
One thing to note about booking a short-term vacation rental is that if you didn’t pay GST/HST on the accommodation, it’s not eligible for the credit, says Heath.
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