With tax season almost ready to start again, the Canada Revenue Agency (CRA) is sharing tips to ensure people receive all of the benefits they are entitled to.
Zeeshan Ahmed, a spokesperson with the CRA, said the agency keeps track of the money that people have not only cashed in, but potential payments that you haven’t cashed yet, through your CRA account.
“If you ever forgot to cash a check, we have records of that,” he said. “If you actually go on to your online account, you can actually see there’s a section there that tells you how much money you potentially forgot to cash out. So that could mean hundreds, if not thousands of dollars for some families.”
When it comes to tax credits that are available to Canadians, Ahmed said the work from home tax credit is still available to people who worked from home at any point in 2022. He added that they’ve increased the basic personal amount this year, a deduction everyone gets, which is different in each province. For Manitoba, the amount is $10,145 for 2022.
Ahmed added there is a specific credit, the Manitoba Renters Tax Credit, that could be available for people who are renting.
“It’s kind of like a non-refundable tax credit,” he said. “And how non-refundable tax credits work is that they reduce your tax liability. So if you have a whole bunch of tax credits that you accumulate, let’s say, you work from home, you have that specific credit that you claim, you also have medical expenses, all those add together, and a percentage of that is actually used to lower your tax obligations. So you have less tax that you potentially have to pay off.”
The CRA has also released information on other tax credits available, including moving expenses and caregiver amounts.
READ MORE: Before you do your taxes, take note of these tax credits and deductions you may not have known about
Ahmed said tax returns can be filed beginning Feb. 20. While the deadline to file taxes is typically April 30, due to the date falling on a Sunday, the deadline for this year is May 1.
Ahmed adds Canadians need to be aware of CRA scams, noting they have become more “complex.”
“The best way to protect yourself is to make sure that you are aware of your situation, go on your online account, and take a look at your tax returns,” he said. “Make sure you know your numbers, and you’ll see that any letters that were sent from us.”