2022 Canadian Personal Income Tax and Benefits Updates

The tax-filing deadline for most Canadians (for the 2022 tax year) is on April 30, 2023. For those who are self-employed, or who have a spouse/partner who is self-employed, the deadline extends until June 15, 2023.

Affordability Payments program: Albertans can apply for the Affordability Payments program from January 18 to June 30, 2023.- Families with household incomes under $180,000 can apply for $600 per child under 18.- Seniors who have household incomes under $180,000 and do not receive the Alberta Seniors Benefit can apply for $600 per person.- Anyone receiving monthly benefits through AISH, Income Support, Alberta Seniors Benefit or services through Persons with Developmental Disabilities (PDD) will automatically get their personal $600 payment, but will need to apply for additional payments if they have kids under 18.
One-Time Top-Up to the Canada Housing benefit $500: A tax-free payment. To receive this benefit, you must have had an adjusted net income of $20,000 or less in 2021(single) or $35,000 or less (families). You must also have paid at least 30% of that income in rent. Deadline: March 31, 2023.
Canada Dental Benefit: eligible families earning less than $90,000 per year. Parents and guardians can apply if the child receiving dental care is under 12 years old and does not have access to a private dental insurance plan. Depending on your adjusted family net income, a tax-free payment of $260, $390, or $650 is available for each eligible child. Available for 2 periods: Period 1-October 1, 2022 to June 30, 2023 and Period 2-July 1, 2023 to June 30, 2024.

Simplified Home-Office Expenses Deduction: You are eligible to use this method if you worked more than 50% of the time from home for a period of at least four consecutive weeks in the year (2022). You can claim $2 for each day you worked from home during that period plus any additional days you worked at home in the year due to the COVID-19 pandemic. The maximum you can claim using the temporary flat rate method is up to $500 (250 working days) per individual in 2022.
Canada Training Credit: Effective January 1, 2019, eligible workers aged 25 to 65 began automatically accumulating an annual sum of $250 per year, up to a lifetime maximum of $5,000, in a Canada Training Credit account.
Climate Action Incentive (CAI): Prior to 2021, the CAI was a refundable tax credit claimed annually on personal income tax returns. The Climate action incentive payment (CAIP) will now be paid as a quarterly benefit. If you are entitled, you will automatically receive your CAIP four times a year, starting in July 2022

Leave a Comment