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The Home Accessibility Expense for renovations to your dwelling has increased to $20,000 for the year. You can claim this credit if you are a qualifying individual or you are an eligible individual making a claim for a qualifying individual. Qualifying individuals are those who are eligible for the disability tax credit (DTC) at any time during the year or an individual who is 65 years or older at the end of the year. A qualifying renovation is a renovation or alteration that is of an enduring nature and is integral to the eligible dwelling. The renovation must allow the qualifying individual to gain access to, or be mobile or functional within, the dwelling or reduce the risk of harm to the qualifying individual within the dwelling or in gaining access to the dwelling. 

Are you eligible? Applications are only open until Friday, March 31st. If you born on or before Dec 1, 2007, your principle residence was in Canada on Dec 1,2022 & you are a resident of Canada, you (and partner) have filed your 2021 tax returns, your net income for families was below $35,000 (individual $20,000), and you paid rent in 2022 that at least 30% of you net income in 2021, you qualify for this credit. THIS CREDIT HAS BEEN CLOSED BY CRA EFFECTIVE MARCH 31, 2023. 

The Canada Training Credit is available to individuals that meet all 6 of the following conditions. 

1. At least 26 years old and less than 66 years old at the end of the year.

2. File a tax return for the year.

3 Your Canada Training Credit is more than zero.

4. You were a resident in Canada throughout the year.

5. Tuition was paid to an eligible educational institution.

6. The tuition and fees are otherwise eligible for a tuition tax credit.

The eligible amount depends on your current CTC accumulation. You can access the amount in your CRA My Account online. An eligible institution is a university, college or other educational institution in Canada providing courses at a post-secondary level or an institution in Canada providing occupational skills courses.

The Multigeneration Home Renovation (MGHRTC) will be available starting starting January 1st, 2023. If you have had to construct a secondary suite in your home for a parent, grandparent, child, grandchild, brother, sister, aunt, uncle, nephew or niece that is over 18 and disabled.  The $50,000 non-refundable credit can be split between claimants and works out to $7500 if the maximum can be claimed. No additional information is available from CRA at this time.

The new rules prevent buyers from buying a house and selling within 12 months. The proposal is to ensure properties are taxed fully and fairly. There are exceptions to these new rules such as a death, disability, birth of a child, new job or divorce. The measure applies to properties sold on or after January  1, 2023.

1. Air Quality Improvement Tax credit.  If you were self-employed or a member of a partnership in 2022, you may be eligible to claim a refundable tax credit equals to 25% of your total ventilation expenses to improve ventilation or air quality at your place of business.  

2. Surrogacy (other expenses) credit.  The list of eligible medical expenses has been expanded to include amounts paid to fertility clinics and donor banks in Canada.

3. Labour Mobility Deduction for Tradespeople.  The labour mobility deduction provides eligible tradespeople and apprentices working in the construction industry with a deduction for certain temporary relocation expenses. 

4. Critical Mineral Exploration tax credit.  The critical mineral exploration tax credit (CMETC) is a new 30% investment tax credit for the exploration of specified minerals.