Canadians should be aware of changes to housing taxation and other new tweaks as tax season looms.
“For most people, the rules aren't going to change a great deal,” said Bruce Ball, vice-president of taxation at Chartered Professional Accountants of Canada – but there are specific areas that could take some taxpayers by surprise.Ottawa has introduced a tax on some empty homes called the. It taxes 1 per cent on “vacant or underused housing,” and applies mostly to non-resident residential property owners.
“We're concerned that a lot of these situations involving Canadians won't be recognized and they won't realize that they have to file a return,” he said. That larger increase won’t show up as people file taxes for 2022 this spring, but it will impact people next year to varying degrees, Ball said. Taxes may go down for people who enter a higher tax bracket but others could pay more when factoring increases to things like the Canada Pension Plan and Employment Insurance that are also indexed to inflation.
Self-employed people may also be able to claim refundable tax credits up to 25 per cent of expenses to improve ventilation or air quality at your workplace.
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