Close Navigation
Blog
Articles
Resource Centre
In The Media
Our Story
How We're Paid
Community
Careers
x
Select an Advisor
Submit

RGF Integrated
Wealth Management

1701 West Broadway
Vancouver, B.C. V6J 1Y3

Directions >

Talk to Us

1.800.784.6066

T: 604.732.6551
F: 604.732.6553

[email protected]

2022 Tax Planning

Apr 21, 2023

Anthony

POSTED BY

Anthony Ma

Financial Advisor & Associate Portfolio Manager

SHARE THIS


Tax filing season is here and is probably at least in the back of your mind. There were changes put into effect for the 2022 tax year that may have an impact on your situation, including credits and deductions you may be eligible for.

Personal Taxes

■ Tax Brackets: Tax brackets have been adjusted upwards to account for inflation. You may find yourselves in a lower bracket and pay less tax. The top marginal tax rate in British Columbia remains unchanged at 53.5% and applies to income over $227,091.
■ New OAS Limits: If your 2022 net income was lower than $81,761, you will not have any of your Old Age Security (OAS) clawed back this year.
■ Home Accessibility Tax Credit: The annual limit of the Home Accessibility Tax Credit has increased to $20,000, which provides a tax credit of up to $3,000. Seniors and homeowners with a disability can use this to offset costs of making their residence more accessible.
■ First-Time Home Buyers’ Tax Credit: For those eligible for the First-Time Home Buyers’ Tax Credit, it was increased to $10,000 in 2022, which would provide a tax credit of up to $1,500.
■ Work-From-Home Tax Credit: The work-from-home tax credit remains unchanged from the previous tax year. If you worked from home at least 50% of the time or from home for a period of at least four consecutive weeks, you can claim a flat rate of $2 per day ($500 maximum).
■ Alternative Minimum Tax (AMT): Changes to the AMT were recently announced in the federal budget. These changes are expected to impact approximately 70,000 high-income Canadians.

■ Capital Gains Inclusion Rate: The inclusion rate remains unchanged at 50%.

My CRA Account

My CRA Account allows you to view your own personal income tax and benefit information. It is the Canada Revenue Agency’s online portal that helps you manage your tax affairs.

It is a useful tool that you should register for if you have not done so already.

Friendly Reminders

All family members who receive income should file income tax returns even if they do not have to pay any tax. They will be able to start accumulating RRSP contribution room for use in future years.

In addition, all family members 18 or older should file income tax returns even if they do not have any income. There are some benefits and credits that an individual may qualify for (GST credit, for example). Students can also accumulate their tuition tax credits for future years.

The deadline for most Canadians to file their 2022 tax return is May 1, 2023 (because April 30 falls on a Sunday).

You might also be interested in...

Estate Planning Misconceptions

In this 5-minute webinar, we explore an important but often misunderstood area of financial planning.

Learn More
Estate Planning Webinar

Popular Categories
Search Insights
Book a meeting
Schedule a meeting with an RGF Advisor.
Popular Insights:
Mortgage Rates in a Rising Interest Rate Environment Ryan

Mortgage Rates in a Rising Interest Rate Environment

By Ryan Gee on 16 Jun 2022
Are You Stuck in a Rut Cecilia

Are You Stuck in a Rut

By Cecilia Tsang on 15 Nov 2022
Money and Your Mental Health Anne

Money and Your Mental Health

By Anne Hammond on 13 Feb 2024