The 2024 tax filing season is officially open. Here are the changes to know about, particularly for remote workers and Canadians saving for their first home.
The 2024 tax filing season comes with a few key changes for Canadians who work from home, sold a home or are saving to buy their first one.
But keep in mind that if you owe money to the CRA on your 2023 taxes, the deadline to pay that amount still falls on the earlier April 30 date, regardless of your employment status.Jamie Golombek, managing director of tax and estate planning at CIBC Private Wealth, says one “pretty big change” that certain tax filers should be aware of this season is the end of the simplified method for claiming expenses related to working from home.
Normally when an individual sells their own home, they can claim a primary residence exemption to avoid paying taxes on the transaction.The Liberal government introduced a change that came into effect in 2023 targeting home flippers who moved in, quickly renovated or sat on a house that appreciated in value, and sold it as a source of income but skirted the business taxes thanks to the exemption.
The multigenerational home renovation tax credit allows individuals to claim up to $50,000 in qualifying expenses for a project. The tax credit will return 15 per cent of eligible costs, up to $7,500, for a project. Regular maintenance, new appliances and gardening expenses are among those that would not be covered by the new credit.Tax implications from the first home savings account
Canadians who contributed to an FHSA should expect a tax slip from their financial institution with details for the claim on their 2023 income taxes, Golombek says. Instead, Canadians can fill out a T1213 form to list all their applicable deductions to have them taken off at the source by an employer. RRSP and FHSA contributions, child-care expenses, large charitable donations and more can all be applied up front this way.
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