2022 Tax Updates: What's Changed for Your Return

Covid-19 Benefit Repayments: The CRA has a T1B form to deduct federal Covid-19 benefits repaid prior to Jan 1, 2023. Taxpayers may claim the deduction in the year they made the repayment, the year they received the benefits, or split it between returns (not exceeding the amount repaid).

Housing Tax Credits: The first-time home buyer's tax credit amount is $10,000 for homes purchased after Dec 31, 2021. The home accessibility tax credit amount has increased to $20,000.

Other Changes: New deductions and tax credits include the labor mobility deduction for tradespeople and medical expense tax credits for surrogacy, fertility clinics, and sperm donor banks. Self-employed individuals may claim a refundable air quality improvement tax credit and immediate expensing deductions. Details in the 2023 Tax Guide.

2022 Return Reminders: Report federal/provincial/territorial Covid-19 benefit payments (e.g. Canada Recovery Benefit) on T4A slip. File a tax return to claim Climate Action Incentive Payments, even if no income was received. Employees working from home due to Covid-19 may claim home office expenses ($2/day up to $500) using the flat-rate method. File income tax returns by May 1, 2023.