2023 Tax Season
The 2023 tax season is here. The deadline for most Canadians to file their personal income tax and benefit return is April 30, 2024. The deadline for corporations, trusts, and charities can be found on the CRA Website. In order to serve you better, we have extended hours during weekdays and weekends. Please note that evenings and weekends are extremely busy, so it is advised to book an appointment as early as possible.
To facilitate your tax filing, here are some helpful tips:
- Book your appointment online by emailing us at ali@taxbyali.com.
- View the checklist and bring along all related documentation, including previous notice of assessments.
- Email us your tax forms (or previous notice of assessment) so that we may prepare your file before your arrival.
- Please view our service charges. We accept cash, cheques, interact e-transfers, and major credit cards.
New benefits, credits and services
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A first home savings account (FHSA) is a registered plan which allows you, if you are a first-time home buyer, to save to buy or build a qualifying first home tax-free (up to certain limits). An FHSA combines some of the features of an RRSP and TFSA. Contributions will generally be tax-deductible, and when a qualifying withdrawal is made, the amount withdrawn is not-taxable
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Canada Dental Benefit: The new interim Canada Dental Benefit is available to eligible families earning less than $90,000 per year. It provides financial support for parents and guardians of children under 12 years old if they receive dental care in Canada and do not have access to private dental insurance. In order to receive this benefit, you need to have filed your 2021 tax return.
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One-time top-up to the Canada Housing Benefit: The government introduced a one-time $500 payment to help lower-income renters facing housing affordability challenges. Applications are open until March 31, 2023.
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First-time home buyers' tax credit: The amount used to calculate the first-time home buyers’tax credit has increased to $10,000 for a qualifying home purchased after December 31, 2021.
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Home accessibility tax credit: For 2022 and later tax years, the annual expense limit of the home accessibility tax credit has increased to $20,000.
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Disability tax credit: For 2021 and later tax years, an individual diagnosed with type 1 diabetes is considered to have met the two times and 14 hours per week requirements for life-sustaining therapy. For more information, go to Disability tax credit.
Frequently Asked Questions
What are tax-slips?
Slips are prepared by your employer, payer, or administrator. You should have received most of your slips (including your T4, T4A, and T5 slips) and receipts by the end of February. However, T3, and T5013 slips do not have to be sent before the end of March.
What if I am missing a slip? If you have not received, or have lost or misplaced a slip, you have to ask your the issuer (i.e. your employer) for a copy of the slip. Alternatively, check your CRA My Account to see if your slips are available online. Ali and Associates can do this step for you on your behalf.
What income should I file? Most monetary amounts you receive in a given year must be reported as income. As a resident of Canada, you have to report your income from all sources, both inside and outside Canada. Report all income in Canadian dollars.
When can you expect your tax refund? While there is guaranteed timeline, CRA has stated they hope to provide your refund within 2 weeks if filed electronically; or up to 8 weeks if filed by paper.
What if I file later than the deadline? The due date for filing your taxes this year are on or before April 30, 2024 for employed individuals and on or before June 15 for self-employed individuals. The CRA will impose interest and penalties on any amount owed after these dates. You may apply for exceptional circumstances including
- serious illness, accident, death of a family member
- financial hardship or loss of income
- natural disasters, civil unrest, and disruption of essential services such as the post office