2022 Personal Tax Season – What’s New?
Posted On: 28/11/23 - 0

personal tax season

The 2022 Personal tax season is just around the corner. We know as professional tax preparers, tax season can be stressul for many taxpayers. Taxpayers often delay getting their tax returns done. At times they will file late. Which could potentially cause late filing penalties. Thinking about taxes sets off alarm bells for many people. Some taxpayers do not file tax returns for multiple years.

This article will minimize tax anxiety by encouraging those to start preparing early. Get started prior to the 2022 personal tax season and be informed on new tax news. Reduce stress by collecting your paperwork early.

Air Quality Improvement Tax Credit For Personal Taxation

To begin with, if you were an entrepreneur in 2022, you may be eligible for a refund of up to 25% of the total ventilation expense to improve air quality in your business.

Diagnosed With Type 1 Diabetes?

Secondly, there is a tax credit that is available for life sustaining therapy if you have met the weekly requirements.

Are You A Tradesperson Or Apprentice Who Temporarily Relocated?

Thirdly, do you work in the construction industry? Did you need to relocate for work in 2022? If so, you may qualify for the $4,000 in eligible expenses deduction for the year.

Medical Expense Tax Credit For Surrogacy On Your Tax Return

Fourthly, Canadian fertility clinics and donor banks are new to the eligible medical tax expenses list. This also includes expenses in Canada for a surrogate or donor to obtain donor sperm or ova to enable the conception of a child.

Home Accessibility Tax Credit This Tax Year

Finally, the expense limit for this credit is now $20,000.

This is just part of the news for the 2022 personl tax season. Contact us regarding all of the new tax news for 2022. Be aware of all of the eligible tax deductions that are available to you. Call our office today to book a tax planning meeting. Be sure that you minimize your tax liability for 2022.

Finally, do you need to know what data to provide at tax time? Contact Cheryl at the office and she will send you out a personal tax checklist. You use this to make sure that all documentation has been provided for a complete tax return. Reduce tax stress by planning early.

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