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

Who doesn't love a nice tax return?

Assistant Editor, MTL Blog
The Canadian flag. Right: An income tax form for Canada taxes.

The Canadian flag. Right: An income tax form for Canada taxes.

When it comes to filing your taxes, whether you take on the task yourself or enlist a professional, navigating the countless Canadian tax credits and deductions that the CRA outlines is no easy feat.

Luckily, tax season doesn't need to be completely overwhelming. In addition to contributing to your RRSPs or TFSAs, there are many other expenses that you can deduct from your taxes this year along with credits that could even score you some pretty sweet cash in return.

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

Work-From-Home Expenses

If you work from home, you may be able to claim certain home office expenses including office supplies, work-space-in-the-home expenses and certain phone expenses, too.

The CRA allows employees who work from their homes to claim up to $500 in employment expenses as a flat rate for 2022.

Canada Workers Benefit

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

Home Buyers' Amount

The Home Buyers' Amount is a non-refundable tax credit available for those who purchased a qualifying home in Canada in the previous year. This tax credit allows you to claim up to $10,000 for the purchase of a qualifying home in 2022 if you acquired a qualifying home and if you did not live in another home that you owned in the year of acquisition.

Moving Expenses

Canadians who relocated more than 40 kilometres for work may be eligible to claim their moving expense. This can be done if you moved and established a new residency to work or run a business at a new location, or if you moved to be a full-time student at a post-secondary institution.

Home Accessibility Tax Credit

If you made any renovations to your home in order to make it safer or more accessible for seniors or people with disabilities you may qualify for the Home Accessibility Tax Credit. In order to qualify, the renovation must allow the qualifying individual to gain access to or be more and/or functional within the dwelling or work to the home that reduces the risk of harm to the qualifying individuals within the dwelling.

Medical Expenses

Canadians can submit everything from dental visits to prescriptions in order to earn a credit when tax season comes along. The CRA states that "you can claim only eligible medical expenses on your tax return if you or your suppose or common-law partner paid for the medical expenses in any 12-month period ending in 2022 and did not claim them in 2021.

Child Care Expenses

Children are expensive, so when filing your taxes, you can claim tax-deductible child care expenses paid to daycare centres, caregivers including babysitters and nannies and even day camps and sleepaway camps.

Tuition Tax Credit

If you are a student in Canada, you can totally take advantage of the tuition tax credit. Any fees paid by a student to a post-secondary education institution in Canada are eligible for the tuition tax credit so long as the individual is 16 years of age or older before the end of the year, and the individual is enrolled in the education institution to obtain skills for an occupation.

This article's cover image was used for illustrative purposes only.

Mike Chaar
Assistant Editor, MTL Blog
Mike Chaar is a writer by day and reality TV binge-watcher by night. When he’s not cracking down on recalls, celeb news and discovering the best of the best foodie spots across Montreal, he can be found indulging in his love for new cuisines, reading and music, with Mariah Carey being his ultimate diva.
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