It’s Tax Season Again!
We are happy to say that we are back in our office and ready for the tax season! We want to thank you for your continued loyalty and support.
The pandemic and the fire in our building have certainly challenged our small family business these past three years, but we are still here and looking forward to serving you again.
We wish you and your loved ones a safe and healthy 2023!
Drop Off Service
- Drop off your documents – Use our complementary envelope to gather your slips and receipts. A secure drop-off slot is available after office hours.
- Quick Pick Up – We will contact you once your return is ready for pick up.
- You’re done! – All documents will be returned to you. Payment options: Debit, Credit Card, E-transfer, Cash.
Online Service
- Send us your documents online – Use our secure upload feature at exceltaxservice.ca, or send us your documents by email. PDF and pictures are acceptable. Combine multiple slips/receipts onto one page where possible.
- Easy electronic signature – Receive a PDF copy of your tax return.
- You’re done! – Payment options: E-transfer or Credit Card over the phone.
Important Dates to Remember
- The tax filing deadline is April 30th
- The self-employed deadline to file is June 15th
- Tax owing is due by April 30th for individuals and self-employed.
Work-from-home deduction:
$500 max deduction
The “simplified” home office deduction has been extended to include the 2022 tax year: $2 per day or $500 max deduction for working from home full-time.
Have you sold your home?
The principal residence exemption is a very attractive feature of the Canadian tax system, as it allows a capital gain realized on the sale of a principal residence to be earned free from tax, provided the residence was designated as the taxpayer’s principal residence for every year of ownership.
The principal residence exemption is reported on your income tax return along with some basic information:
- Address sold
- Date sold
- Owner names
- Year purchased
- Sale price
First–Time Home Buyers’ Tax Credit
As of January 1, 2022, the First-Time Home Buyers’ Tax Credit has doubled to $10,000, which results in a tax savings of $1,500. This credit can be shared with a spouse or common-law partner as long as the combined total does not exceed $1,500 in tax relief.
Ontario Staycation
Ontarians can claim 20% of their stay in an Ontario hotel, cottage, or campground, during 2022 up to $1,000 individually or $2,000 as a family.
Ontario Seniors Care at Home Tax Credit
Seniors who pay for home care can claim a refundable personal income tax credit to help with eligible medical expenses, including expenses that support aging at home. The credit equals 25% of your eligible medical expenses up to $6,000 for a maximum credit of $1,500.
Seniors’ Home Safety Tax Credit
This tax credit supports seniors in making their homes safer and more accessible, with a credit of 25% up to a maximum of $10,000 in eligible expenses. The maximum credit is equal to $2,500 per year.
All Canadians with Type 1 diabetes will qualify for the Disability Tax Credit (DTC)
As of June 23, 2022, Canadians living with Type 1 diabetes can now automatically qualify for the DTC. The DTC is a non-refundable tax credit that helps people with disabilities or their support people/family members reduce the amount of income tax they may have to pay. This will ease the financial burden caused by the necessary life-saving expenses faced by everyone with T1D.
Income Tax Newsletter 2022