2022 Personal Taxes – Part 4

Details and receipts for other deductions and tax credits, such as:

• moving expenses (please advise us if you have, or may have, immigrated or emigrated to/from Canada),
• child care expenses (if the services are provided by an individual, their SIN should be on the receipt),
• alimony, separation allowances, child maintenance (including divorce/separation agreement),
• adoption-related expenses,
• interest paid on qualifying student loans,
• professional and union dues,
• medical expenses for you, your spouse, and any dependent persons,
• charitable donations (including those to registered journalism organizations) and political contributions,
• clergy residence deduction information (including Form T1223),
• tuition fees for both full-time and part-time courses for you or a dependent – including mandatory ancillary fees and Forms T2202, TL11A, B, C, and D where applicable,
• disability support expenses (speech, sight, hearing, learning aids for impaired individuals and attendant care expenses),
• flow-through share expenses (NEW! A 30% critical mineral exploration tax credit is available for expenditures renounced under eligible flow-through share agreements entered into after April 7, 2022. The specified minerals in which the newly enhanced credit is available are copper, nickel, lithium, cobalt, graphite, rare earth elements, scandium, titanium, gallium, vanadium, tellurium, magnesium, zinc, platinum group metals, and uranium),
• registered retirement savings plan and any other pension plan contributions and withdrawals (including withdrawals and repayments for the home buyers plan and lifelong learning plan),
• film and video production expenditures eligible for a tax credit,
• tools acquired by tradespersons and eligible apprentice mechanics,
• scientific research and experimental development expenses,
• home accessibility tax credit – certain expenditures (increased from $10,000 to $20,000 for 2022) may be eligible for a tax credit if made about a renovation or alteration of your home to enhance mobility or reduce the risk of harm for an individual who is either, eligible for the disability tax credit, or 65 years of age or older at December 31, 2022. Examples of eligible expenditures include amounts relating to wheelchair ramps, walk-in bathtubs, wheel-in showers and grab bars,
• eligible educator school supply tax credit – if you are a teacher or early childhood educator, please provide receipts (up to $1,000) for eligible school supplies purchased in the year. Please also provide a certification from your employer attesting to the eligible supplies expense,
• digital news subscription tax credit receipts,
• NEW! Air quality improvement tax credit – a 25% credit is available on qualifying expenditures between September 1, 2021 and December 31, 2022 related to the purchase or upgrade of mechanical heating, ventilation and air conditioning (HVAC) systems and the purchase of standalone devices designed to filter air using high-efficiency particulate air (HEPA) filters in the course of commercial activity,
• NEW! labor mobility deduction – a deduction for up to $4,000 of certain personally-incurred travel and temporary lodging expenses for employed tradespeople and apprentices in the construction industry who perform duties at a temporary work location. To qualify, the employee must not also receive a non-taxable allowance or be reimbursed by their employer in respect of these costs. 

The preceding information is for educational purposes only. As it is impossible to include all situations, circumstances, and exceptions in a newsletter such as this, a further review should be done by a qualified professional. No individual or organization involved in either the preparation or distribution of this letter accepts any contractual, tortious, or any other form of liability for its contents.

If you have any questions contact us at Blasetti Broyles LLP, or give us a call! 403-277-0511