New Taxes for the New Year
The federal government has introduced several changes to taxation and tax benefits for 2023.
The changes include:
· Personal tax brackets adjusted to inflation
· Tax free first home savings account (FHSA),
· Increased tax on home-flipping
· Tax on vacant, unused, or underused housing
· Increased GST/HST tax credits to low- and modest-income Canadians
· Canada's new dental benefit program
· Multi-generational home renovation tax credit
The CBC has summarized information in two articles:
Sharpen your pencil: tax changes to tackle inflation are coming into Effect. Written by: Mrinali Anchan, CBC News, December 31, 2022
New year, new taxes: how taxation changes in 2023 could affect you. Written by Richard Raycraft, CBC News, January 1, 2023
