The Personal Tax Return Guide, 2023 Taxation Year provides line-by-line instructions to assist you in completing and filing the 2023 Canadian Personal Tax Return. The Guide is laid out in an easy-to-follow, line-by-line format, with a separate discussion/analysis and reporting instructions for each tax return line.

There is a "See Also" section for each line of the tax return listing the related sections of the Income Tax Act (and regulations) and relevant Canada Revenue Agency publications, including Interpretation Bulletins, Information Circulars, Income Tax Technical News, tax forms, tax guides, and pamphlets. In addition, Helpful Hints are scattered throughout the Guide, providing additional tax-planning information.

The Appendices to the Guide contain useful personal tax reference information to assist you in completing and filing the 2023 Personal Tax Return, including a Medical Expense Quick Reference Table, Canadian and U.S. Personal Tax Compliance Calendars, various Personal Tax Reference Tables, and several Tax Planner Guides.

What's new in this edition:

The Personal Tax Return Guide has been updated to reflect legislative and administrative developments since the last edition, including federal and provincial legislative and administrative measures announced in 2023. The Guide has also been updated to reflect the latest court cases, government publications, and changes to federal and provincial personal tax credits, tax deductions, and threshold amounts for 2023.

The following personal income tax developments are reflected in the 2023 edition of the T1 Guide:

Introduction of the "residential property flipping rule"
Introduction of the first home savings account (FHSA)
Changes to advance payments of the Canada workers benefit
Introduction of the multigenerational home renovation tax credit
Increase in the maximum deduction for tradesperson’s tools expenses
New provincial tax credits, including the British Columbia renter’s tax credit and the Manitoba carbon relief tax credit
Decrease in Quebec tax rates
Amendments to the general anti-avoidance rule (GAAR)
Introduction of the underused housing tax

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Personal Tax Return Guide, 2023 Taxation Year

Personal Tax Return Guide, 2023 Taxation Year