And the 2022 Tax Filing Season begins...
I've covered most new programs in prior posts and those typically are not done on the tax return itself as much as they rely on your Tax Return information to determine if a Taxpayer qualifies.
Work From Home is still the same, Basic tax credits have been adjusted for inflation, limits have been increased on TFSAs and Home Buyers Programs are still being adjusted.
Keep a lookout for slips relating to the repayment of ineligible COVID benefits, that can be determined to be deducted on your 2022 Return or carried back to prior years depending on the circumstances and provided the taxpayer made the repayment and when.
One of the bigger changes has been the addition of the 'Labour Mobility Deduction.'
Quote:
|
The LMD provides an eligible tradesperson with a deduction for certain transportation, meals and temporary lodging costs incurred for travelling significant distances to earn income at a temporary work location from temporary employment in construction activities during the 2022 and subsequent taxation years.
|
Quote:
|
An eligible temporary relocation for purposes of the LMD is a relocation undertaken to enable the taxpayer to perform their duties of employment as an eligible tradesperson at one or more temporary work location(s) situated in the same locality. Before the relocation, the taxpayer must have ordinarily resided at a residence in Canada and must have been required by their employment, at the temporary work location(s), to be away from this residence for at least 36 hours. In addition, both the temporary work location(s) and all of the temporary lodging must be in Canada and the temporary lodging must be at least 150km closer than the taxpayer’s residence to the temporary work location for the relocation to be considered an eligible temporary relocation.
|
https://www.canada.ca/en/revenue-age...deduction.html
Thats about it for now, Happy Taxing everybody!