This year, you must have filed your income tax return by the 1er May 2023.
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Worried about forgetting credits to which you are entitled?
Stéphanie Roy, who is tax director at Raymond Chabot Grant Thornton, gives a brief reminder of those that could concern you.
1. The tax credit for the first home
The tax credit for the purchase of a first home at the federal level and the tax credit for the purchase of a home at the provincial level have been doubled since last year. If you meet the criteria and this is your first residence, you could obtain a credit from both levels of government representing a total amount of $2,752 (including the abatement for Quebec).
2. The tax credit for home-support services for seniors
This provincial credit has also been enhanced, rising to 36% of eligible expenses in 2022. It will rise to 40% in 2026. It concerns people aged 70 and over, owners or tenants, who obtain home support. For a single independent person, the maximum eligible amount is $19,500, which can generate a credit of $7,020. For a couple made up of two autonomous persons, the ceiling is $39,000 and the credit in this case is $14,040. The credit decreases from a family income of $61,725.
3. The tax credit for home accessibility
The ceiling of this federal tax credit has been increased to $20,000 in 2022. Stéphanie Roy mentions that given the sharp rise in construction costs, this improvement is particularly welcome. The credit concerns renovation or transformation work that is an integral part of the dwelling, in order to allow a person aged 65 and over or a disabled person to have access to the dwelling, to move about there and to perform the tasks of daily living. This work can also aim to reduce the risk of injury in the home. We are thinking here of access ramps, grab bars, etc.
4. The tax credit for the renovation of multigenerational housing
This credit does not come into effect until 2023, but you can claim it on your next tax return if you plan to do work this year. The value of this credit is 15% of the lesser of eligible expenses and $50,000. The maximum value of this credit is therefore $7,500.
To be able to claim it, you must have set up a second dwelling adjoining your own home to allow a person over 65 or a disabled person to live with a loved one. The new accommodation must include at least an independent entrance, a bathroom, a kitchen and a sleeping area. The person applying for the credit must be related to the person who will live in the second dwelling (grandparent, parent, brother or sister, uncle or aunt, niece or nephew).
5é The tax credit for teleworking
The deduction for work-at-home expenses for people working from home (total or partial) has been renewed for the 2022 tax year. You could receive a maximum of $500 with the simplified method. Use the detailed method if you want to deduct other home office expenses (electricity, telephone costs, etc.). However, you will need to support your request with documents. Stéphanie Roy points out that if your home office occupies only a small proportion of your home, the simplified method will probably be sufficient.
6. Refundable tax credit for medical expenses
It allows you to recover a maximum of $1,316 federally and $1,274 in Quebec in 2022. There is also a non-refundable tax credit, both provincially and federally. With this, for example, a single person who earns $100,000 and whose eligible medical expenses were $5,000 would be entitled to a credit of $316 at the federal level and $400 at the provincial level.
7. The Children’s Activity Tax Credit
It is offered at the provincial level, is reimbursable, and concerns physical, artistic, cultural or recreational activities. Family income must not exceed $146,450 to qualify. It represents 20% of the amount of registration or membership fees with a ceiling of $500 per child, which represents a maximum tax credit of $100 per child.
8. The tax credit for the treatment of infertility
It can be claimed by anyone who has incurred costs related to in vitro fertilization or artificial insemination treatment for themselves or their spouse. The limit on eligible expenses is $20,000 and the credit rate is 20 to 80% depending on family income. The maximum amount of this credit ranges from $4,000 to $16,000.