When preparing your personal income tax return for 2022, there is a new tax that you should be aware of that may apply to you. The Underused Housing Tax is an annual 1% tax on the ownership of vacant or underused housing in Canada that took effect on January 1, 2022. The tax usually applies to non-resident, non-Canadian owners. However, in some situations, it applies to Canadian owners. Excluded Owner You are considered an excluded owner of a residential property in Canada if you have no obligations or liabilities under the Underused Housing Tax Act. An excluded owner includes: Affected…

With personal tax season fast approaching, we often get asked the question – “What should I be claiming on my income taxes that I don’t know about?” The answer is not necessarily the same for everyone. It depends on their personal situation and what deductions, or credits may be of benefit. There are certain tax savings that some people don’t know about or forget to claim. So much so, that we decided to make a Top Ten list: 1/ Disability Tax Credit The Disability Tax Credit (DTC) is a non-refundable tax credit that helps people with impairments, or their supporting…