Your Essential Guide to 2023 Tax Changes & Deadlines

As you begin to get ready to prepare your 2023 tax return, we want to make sure you’re aware of important deadlines and changes, so you have everything you need to file your return with minimal hassle.

The tax filing deadline for individuals - is April 30th, 2024.

Tax filing deadline for self-employed - June 15, 2024. If you owe, pay by April 30, 2024, to avoid penalties.

RRSP contribution deadline - February 29, 204 for the 2023 tax year.

The maximum RRSP contribution limits for 2022 - $29,210, 2023 - $30,730, and 2024 - $31,560

TFSA annual limit - $ 7,000 for 2024.

The basic Personal Amount For 2024 – Is $15,000.00.

The maximum pensionable earnings are $64,900 for 2023, which will increase to $ 66,600 in 2024. The employee and employer contribution rates for 2024 will remain at 5.95% and the self-employed contribution rate will remain at 11.90%. The basic exemption amount for 2024 remains at $3,500.

The maximum insurable earnings are $110,000 for 2023 and will increase to $112,500 in 2024.

Age amount tax credit - Individuals who are 65 years old at the end of the tax year can claim $8,396 for 2023. 

OAS Clawback - Individuals whose world net income exceeds $86,912 in their 2023 tax return may have to pay back part of or the whole OAS pension received. And will be reflected on July 2024 to June 2025 pay period.

Canada Child benefit - The maximum amount that can be received from July 2024 to June 2025: 

Child under six: $7,437 per Child 

Age 6 -17: $6,275 per Child 

Quarterly Climate Action Incentive Payment for Ontario 2023 -2024:

First adult: $122

Second adult: $61

Each child: $30.50

Family of 4: $244

Payment dates:  April 2023, July 2023, October 2023, and January 2024.

-Work-from-home expense - The maximum amount that can be claimed - is $500

NEW Tax-Free Home Savings Account (FHSA) – Canadians Will Be Able to Open And Contribute:

Lifetime Contribution Limit: $ 40,000

Yearly Contribution Limit: $ 8,000

AMOUNTS THAT ARE NOT TAXED!!

You do not need to report certain non-taxable amounts as income, including the following:

- Lottery winnings.

- Most gifts and inheritances.

- Amounts paid by Canada or an allied country (if the amount is not taxable in that country) for disability or death of a war veteran due to war service.

- GST/HST credit and Canada child benefit (CCB) payments.

- Compensation received from a province or territory if you were a victim of criminal act or a motor vehicle accident.

- Most amounts received from a life insurance policy following someone’s death.

- Most types of strike pay you received from your union, even if you perform picketing duties as a requirement of membership.

- Most amounts received from a TFSA.