These 8 Canada Tax Credits & Deductions Could Help You Maximize Your Return In 2023

When it comes to filing your taxes, whether you do the task yourself or hire a professional, navigating the myriad Canadian tax credits and deductions that the CRA outlines is no easy task.

Luckily, tax season doesn’t have to be completely overwhelming. In addition to contributing to your RRSPs or TFSAs, there are plenty of other expenses you can deduct from your taxes this year, along with loans that could even make you some pretty sweet money in return.

Here are eight of the most popular Canada tax credits and deductions that could help you maximize your returns in 2022:

Homework costs

If you work from home, you may also be able to claim certain home office expenses, including stationery, home office expenses, and certain telephone expenses.

The CRA allows employees working from home to claim up to $500 in employment expenses as a 2022 lump sum.

Worker Benefits in Canada

The Canada Workers Benefit is a refundable tax credit for low-income Canadians. How much you get depends on a number of factors, including where you live, your marital status and whether or not you have children. According to the CRA, individuals are entitled to $1,395 and families are entitled to $2,403. It’s important to note that “the maximum CWB base amount will vary for Quebec residents,” says the CRA.

Amount of home buyers

The homebuyer amount is a non-refundable tax credit for those who purchased a qualifying home in Canada in the prior year. This tax credit allows you to claim up to $10,000 toward a qualifying home purchase in 2022 if you purchased a qualifying home and did not live in another home you owned during the year of purchase.

moving expenses

Canadians who have moved more than 25 miles for work may be able to claim their relocation expenses. This is possible if you have relocated and established a new residence to work or run a business in a new location, or if you have relocated to be a full-time student at a post-secondary institution.

Home Accessibility Tax Credit

If you’ve renovated your home to make it safer or more accessible for seniors or people with disabilities, you may be eligible for the Accessible Home Tax Credit. To qualify, the renovation must allow the beneficiary to gain access to or more and/or be functional in or work in the home, reducing the risk of harm to the beneficiary within the home.

Medical Expenses

Canadians can submit anything from dental visits to prescriptions to earn credit when tax season arrives. The CRA notes that “You can only claim eligible medical expenses on your tax return if you or your suspected or registered partner paid medical expenses in a 12-month period ending in 2022 and did not claim them in 2021.

childcare costs

Children are expensive, so you can claim tax-deductible childcare expenses paid to daycare centers, caregivers including babysitters and nannies, and even day camps and sleepaway camps.

Tuition Tax Credit

If you are a student in Canada, you can take full advantage of the tuition tax credit. Any fees a student pays to a post-secondary educational institution in Canada are eligible for the tuition tax credit as long as the individual is 16 years of age or older before the end of the year and is enrolled at the educational institution to acquire skills for a career.

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