There are a number of changes that Canadian taxpayers need to be aware of when filing income tax returns in 2023 and beyond
The past year has seen a lot of economic volatility, thanks to COVID-19 developments and high inflation.returns in 2023 and beyond.To help Canadians keep up with inflation, which has been at historic highs for over a year, the federal government has adjusted
In December 2019, the Government of Canada set a goal of amending the Basic Personal Amount to $15,000 by the year 2023. This is being done in phases, so the BPA is increasing to $14,398 for the 2022 tax year., also known as the HBTC, is a federal government initiative to make homeownership more affordable for some Canadians.
If you made more than the minimum amount, you will have to pay back some or all of your OAS. If your income is above the maximum amount for your age group, your OAS might be canceled.Rules governing the Canada Pension Plan are changing in 2023. The new calculations are based on a CPP legislated formula that is based on the average growth rate of salaries and weekly wages earned throughout Canada.
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