2023 (9)

Medical Tax 2023

Table of 2023 kilometre rates for the province or territoryProvince or territoryCents/kilometre


British Columbia56.5


New Brunswick57.5

Newfoundland and Labrador59.0

Northwest Territories70.5

Nova Scotia58.0



Prince Edward Island56.0





Meal expenses
If you choose the detailed method to calculate meal expenses, you must keep your receipts and claim the actual amount that you spent.

If you choose the simplified method, claim in Canadian or US funds a flat rate of $23 per meal, to a maximum of $69 per day (sales tax included) per person, without receipts. Although you do not need to keep detailed receipts for actual expenses if you choose to use this method, the CRA may still ask you to provide some documentation to support your claim.



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Tax Slips For 2023 Expectations

For 2023 tax reporting

These are typical reporting / mailing expectations for most items. 

2023 Tax Slip Target Mailing Date Deadlines

T4's by Feb 29, 2024

T5's  by Feb 29, 2024

2023 RRSP Remainder of Year (ROY) Contribution Slips (March to December 2023) , by January 29, 2024

1st 60-Days RRSP Contribution Receipts for trades placed January 1 to March 1, 2024 = by March 25, 2024

T4RSP, T4RIF, T4A, T5 and matching Releve’s (R2 & R3)  by February 5, 2024

T4A and Releve1 for advisors and distributors by February 5, 2024

NR4 (registered and non-registered) by  March 27, 2024

T3 (R16) for Segregated funds by March 27, 2024

RRSP first 60 days of 2024 contribution key dates:

January 1, 2024 to February 29, 2024 Contributions are accepted until end of day March 1, 2024, contributions after the cutoff date will not be accepted for the first 60 days.





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2023 Year End Favourites

As a "New Dad" I like these strategies!




As a "New Dad" I like these !


1. Identify your priorities clearly.
To start, you need to identify your priorities. Obviously, when everything is a priority , this is easier said than done.

To get started, follow these steps:

Organize your tasks into a list.
Put each task in a ranking order.
Realistically determine how much time each task will require.
Plan your day's priorities using a schedule.
In short, making decisions based on your priorities is much easier once you know what they are.


Final words of advice.

No one is perfect, including me. There are times when I don't get it right as well. Despite that, I'm committed to finding a balance that works for both my family and me. It's possible for you too.

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Not to be confused with a $50,000 tax refund 


Multigenerational Home Renovation Tax Credit



This Multigenerational Home Renovation Tax Credit came up in my feeds this afternoon.

Case A. 

Let's say we have a retired couple who just turned 65 and older, and they moved into their daughters and son-in laws house which they plan to renovate or receently renovated to accoumadate the newly minted "Granny Suite"  


Case B.  You have a son or daughter of another family member who has a disbaility and they are under 65,  they  may be eligible for Disability Tax Credit ( DTC) , if eligible, Dad  would be able to claim this credit should he do a reno to accomadte the son in their home. He also may be eligible to claim him even if the renovation is not undertaken yet and may in fact be eligible for prior yrs. We often recover taxes going back 10 yrs in such cases. Your grandson may also be eligible for a RDSP investment plan, there is excellent grants and bonds possible with this.

First step would be for dad or mom to get in touch with our office and speak with our Disability Tax Specialist to make a determination regarding DTC eligibility. For this service we currently charge a 25% recovery fee on what we get them back, if nothing, there is no charge. Hopefully we get you back 10 to 20 M. Our experts can go over those details when they talk.


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Tax 2023



Update important changes Dec 15,2022



News release
December 15, 2022 - Ottawa, Ontario - Department of Finance Canada

Today, Bill C-32, the Fall Economic Statement Implementation Act, 2022, received Royal Assent. With the passage of this legislation, the government is delivering on key measures from the 2022 Fall Economic Statement to help families cope with increasing costs, make housing more affordable, and strengthen and build a thriving net-zero economy with opportunities and good jobs for Canadians.

Key measures adopted in Bill C-32 to make life more affordable include:

Permanently eliminating interest on Canada Student Loans and Canada Apprentice Loans to reduce the burden of student loans on young Canadians.

Cutting taxes for Canada’s growing small businesses from 15 per cent to 9 per cent by more gradually phasing out their access to the small business tax rate.

Requiring Canada’s largest financial institutions to pay their fair share by implementing the Canada Recovery Dividend, a one-time, 15 per cent tax on taxable income above $1 billion of banking and life insurer groups.

Bill C-32 also delivers key components of the government’s plan to make housing more affordable by:

Helping young Canadians afford a down payment faster with the new Tax-Free First Home Savings Account, which will allow prospective first-time home buyers to save up to $40,000 tax-free toward their first home starting in mid-2023

Helping Canadians save on closing costs by doubling the First-Time Home Buyers’ Tax Credit to provide up to $1,500 in direct support to home buyers, starting in 2022, to offset increasing closing costs involved in buying a first home.

Helping families afford to have a grandparent or a family member with a disability move back in if they want to with a new, refundable Multigenerational Home Renovation Tax Credit of up to $7,500, starting January 1, 2023.

Cracking down on house flipping by ensuring that profits from flipping properties held for less than 12 months are fully taxed, starting in 2023, with certain exceptions for unexpected life events (e.g. death, divorce).

And, Bill C-32 invests in jobs, growth, and an economy that works for everyone by:

Supporting the launch of the new Canada Growth Fund, which will help bring to Canada the billions of dollars in new private investment required to reduce our emissions, grow our economy, and create good jobs at the same time.

Securing Canada’s competitiveness by introducing a new 30 per cent Critical Mineral Exploration Tax Credit for specified mineral exploration expenses incurred in Canada.

Eliminating flow-through shares for fossil fuel sector activities by no longer allowing oil, gas, and coal exploration and development expenditures to be renounced to a flow-through share investor.

Let's not forget bare trust reporting, and the huge penalty burden that will be to all that have a intrust account. 

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