Each year, there are many opportunities to save taxes by utilizing various credits, deductions and strategies. 

In 2023, consider the following ten new and existing tax tips that figure prominently around the home:

 

1.      First Home Savings Account – a great plan for those buying their first home
 
2.      First Time Home Buyer’s Tax Credit - receive a credit of up to $1,500.00!
 
3.      Home Accessibility Tax Credit – specifically for qualifying individuals with a credit of up to $3,000.00!
 
4.      Multigenerational Home Renovation Tax Credit – eligible individuals may claim this refundable tax credit of up to $7,500.00!!
 
5.      Underused Housing Tax – Foreign nationals and some Canadian owners may be subject to a 1% tax on vacant or underused
        housing in Canada – speak to your Account Manager if you may be an affected owner!
 
6.      Take advantage of the work from home tax credit – claim up to $500.00 utilizing the flat rate method or possibly more using
        the detailed method
 
7.      Be sure to utilize home office deductions for small business owners and commissioned employees on certain eligible expenses
 
8.      If you support a spouse or a dependent with a mental or physical impairment, you may be eligible to claim the Canada Caregiver Credit.
 
9.      Delay upcoming year end GIC purchases until January 2024 which may enable you to defer their taxation by a year.
 
10.   Consider buying glasses, hearing aids, orthotics, prescriptions and getting dental work done before this year’s end if you expect
        your medical receipts to make up more than 3% of your 2023 income. 
 
 
 

Click here for the PDF printable version of MWFS' tax tips. 

 

 

 

 

File: 
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PDF icon Year End Tax Information for 20231.27 MB