MJS Marketing & Financial Services

Hello, IT'S TAX TIME AGAIN!😊

🫵Key Takeaways

1. Individuals have until April 30, 2025, to file their 2024 taxes, while the self-employed must file by June 16, 2025.

2. The CRA's NETFILE service will be available as of February 24, 2025.

3. Late tax filings may incur interest, fees, or penalties.

It's self-fulfilling when my clients get a huge tax refund. When they're happy, it radiates so I'm happy too for sure. 🥰

Don't you know that you can claim this tax credit as a first-time home buyer?

You can claim up to $10,000 for the purchase of a qualifying home in 2022 if both of the following apply:

1 . You (or your spouse or common-law partner) acquired a qualifying home.

2. You did not live in another home that you (or your spouse or common-law partner) owned in the year of acquisition or in any of the four preceding years (first-time home buyer).

Don't forget to claim your Northern Residents Deduction! 😊

What are the northern residents deductions?

The northern residents deductions consist of a residency deduction (for living costs) and a travel deduction. If you qualify, you can claim the full amount of these deductions if you lived, on a permanent basis, in a prescribed northern zone, or 50% of these deductions if you lived in a prescribed intermediate zone.

These deductions provide relief to those who live in a prescribed zone and recognize that such individuals are often faced with a higher cost of living, environmental hardships, and limited access to services.

What's New for 2022 Taxes:

Home Accessibility Tax Credit

Credit for renovation expenses incurred to make a home more accessible — such as railings in a bathroom, wheelchair ramps, etc. — for a disabled individual (officially recognized by the CRA) or an older adult 65 years and older. The maximum amount of expenses has doubled from $10,000 to $20,000.

What's New in 2022 Tax?

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.

When are 2022 taxes due?

First, the important tax dates to mark in your calendar. The deadline for individuals to file their tax returns is usually on April 30 every year. However, since that date falls on a Sunday in 2023, the deadline is May 1, 2023.

If you or your spouse or common-law partner are self-employed, your submission deadline is June 15, 2023, but if you owe any tax, you have to pay it by May 1, 2023.

Not filing your 2022 tax return yet?

You can contact me if you need someone to help you prepare your personal tax return and do the calculation. Here's offering a paperless T1 Tax Return Service with a minimal charge per standard tax return.

Message me for more details.

Licensed and Business Registered at CRA for E-filing. Preferred Alberta's client.