To support the administration of the new Canadian Dental Care Plan, the following new boxes have been added to the tax slips beginning with the 2023 tax year.

Box 45 on the T4: Statement of Remuneration Paid

Box 15 on the T4A: Statement of Pension, Retirement, Annuity and Other Income

A corresponding reporting code (not deduction) will represent the dental coverage an employee had access to under a dental plan as of December 31 of the tax year.

Code/ Access

1/ Not eligible to access any dental care insurance or coverage of dental services of any kind

2/ Payee only

3/ Payee, spouse, and dependent children

4/ Payee and their spouse

5/ Payee and their dependent children

Immediate expensing for self-employed individuals: The federal government introduced a temporary immediate expensing incentive for certain eligible property that an eligible person or partnership acquires. For self-employed individuals, this deduction applies to property acquired after December 31, 2021, to a maximum of $1.5 million. The property must become available for use before 2025.

The amount used to calculate the first-time home buyers’ tax credit has doubled as of 2022 and increased to $10,000 (from $5,000) for a qualifying home purchased after December 31, 2021.

The credit results in a $1,500 rebate on the taxes you owe for the year.

The amount is calculated at the lowest personal tax rate, which is presently 15%. If you owe less than $1,500 in taxes for the year, you can only reduce your taxes to $0. You won’t get an additional refund as this is a non-refundable tax credit. Be sure to keep all your home buying documentation in case the CRA requires proof of eligibility.