The federal government has recently taken steps to make applying for the Disability Tax Credit (DTC) easier, as well as expand eligibility for the DTC to provide access to more taxpayers with certain severe and prolonged impairments.
In May 2021 the Federal Government announced the new Canada Greener Homes Grant intended to provide grants of up to $5,600 for Canadian homeowners to cover the cost of certain retrofitting improvements aimed at improving the energy efficiency of their home.
The program does not provide funding up-front, but instead requires eligible applicants to cover costs out-of-pocket, which may be eligible for reimbursement of all or a portion of the costs incurred. Before applying for this new grant, here are a few important points to know about how this new program works:
CRA announced a one-year waiver to April 30, 2022 of interest on taxes payable for the 2020 tax year for individuals who meet the following conditions:
Now that personal tax season is here you will need to start gathering up all your tax slips to report your income and deductions for 2020. With a lot of institutions and businesses going paperless you will need to determine what tax slips may be coming by e-mail or that you need to sign into your account to download versus arriving in the mail.
Over the past year there have been many important benefit and assistance programs rolled out by the federal government to help individuals and businesses overcome the financial impacts of the pandemic. The Alberta provincial government has also taken action to support individuals and businesses, and has introduced several programs to benefit Alberta residents impacted by COVID-19. The following are a few of the most important Alberta COVID related benefits available, and information on how those eligible can apply.
Did You Work from Home in 2010 Due to COVID-19?
For the 2020 personal tax year, Canada Revenue Agency (CRA) has created two new policies to go along with the existing Detailed Method of claiming home office expenses by an employee. These new policies make it easier for employees who were required to work from home due to COVID-19 in 2020 to claim a deduction for home office expenses on their 2020 personal tax returns.