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Getting Kids Ready for Back to School: Tips for a Smooth Transition

As summer winds down, the excitement and anticipation of a new school year begin to build. Preparing your kids for back to school can be a fun and rewarding experience with a bit of planning and organization. Here are some tips to help ensure a smooth transition: 1. Establish a Routine Start adjusting your child’s sleep schedule a week or two before school begins. Gradually move bedtime earlier and wake them up closer to the time they’ll need to get up for school. This helps their bodies adjust and makes the first week back less of a shock. 2. Organize School Supplies Make a list of necessary school supplies and involve your child in the shopping process. Letting them choose their notebooks, pens, and backpacks can make them more excited about the new school year. Don’t forget to label everything with their name! 3. Create a Study Space Set up a dedicated, clutter-free area for homework and studying. Ensure it’s well-lit and stocked with all the supplies they might need. Having a speci
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How to prepare for the 2023 tax season: 6 changes you need to know

 

Tax season is just around the corner, and there are some important changes that could affect your 2023 tax filings. Whether you are an individual, a self-employed person, or a business owner, you should be aware of these new tax measures and adjustments that may impact your tax situation. Here are six key changes you need to know:

  • Request to deduct federal COVID-19 benefits repayment in a prior year: If you repaid any federal COVID-19 benefits in 2022, you can choose to deduct the repayment on your 2020 or 2021 return, or split the deduction between your 2022 return and the return for the year that you received the benefit. You need to file a new form, T1B, to make this request.
  • First-time home buyers’ tax credit: The amount used to calculate this non-refundable tax credit has increased to $10,000 (from $5,000) for a qualifying home purchased after December 31, 2021. This means you can claim up to $1,500 (15% of $10,000) as a tax credit if you are a first-time home buyer.
  • Home accessibility tax credit: This non-refundable tax credit is available for eligible home renovation or alteration expenses that allow a qualifying individual to gain access to, or be mobile or functional within, an eligible dwelling, or reduce the risk of harm to a qualifying individual when inside a dwelling or accessing it. For 2022, the annual expense limit increased to $20,000.
  • Labour mobility deduction for tradespeople: This new deduction allows eligible tradespeople and apprentices working in the construction industry to deduct up to $4,000 in eligible temporary relocation expenses per year. You need to complete Form T777 to claim this deduction.
  • Medical expense tax credit for surrogacy and other expenses: The list of eligible medical expenses was expanded as of 2022 to include amounts paid to fertility clinics and donor banks in Canada to obtain donor sperm or ova to enable a child’s conception by the individual, their spouse or common-law partner, or a surrogate mother on their behalf. In addition, certain expenses incurred in Canada for a surrogate or donor are now considered medical expenses of the individual.
  • Basic Personal Amount (BPA): The BPA is the amount of income that you can earn without paying federal income tax. For 2022, the BPA increased to $15,000 for individuals with a net income of $151,978 or less. The BPA will be gradually reduced for individuals with a net income above this threshold, and will reach the base amount of $12,421 for individuals with a net income of $216,511 or more.

These are some of the major changes that could affect your 2023 tax filings. To learn more about these and other changes, you can visit the CRA website or consult a tax professional. Remember to file your tax return on time and pay any balance owing by May 1, 2023, to avoid penalties and interest.

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