Tax Tip Thursday

As most people know, the proposed budget for 2023 was released a few days ago. There are a few good things in here, but not a lot.

Some Highlights

1. No changes to corporate or personal tax rates
2. Grocery rebate – and extra $234 for singles without kid, $225 for seniors and $467 for families
3. Dental care for uninsured families under $90k
4. RESP withdrawals for the Students – they have increased it from $5k to $8k for full time students effective immediately and $2500 to $4000 for part time
5. RESP – they are also proposing to allow divorced parents to open joint RESPs for the kids, currently you can not
6. Automatic tax filing – they have a program now and certain tax payers are invited to file their tax returns over the phone.  Doesn’t help me much, but thought I would share.
7. Trades persons tools.  They are proposing to increase the deduction from $500 to $1000 if you are an employee purchasing your own tools
8. And the one that everyone will be most interested and excited about……  the alcohol excise tax is only increasing by 2% instead of the 6% proposed!

It’s Tax Season!

This got you thinking about your budget and taxes? It should! Get your taxes done today so you can focus on next year’s budget as well. Book your appointment today.

Disclaimer:

This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal or tax advice nor can it or should it be relied upon. All tax situations are specific to each individual. If you have specific tax questions you should book an appointment for a 1 on 1 consultation.