Mar 2023 Newsletter
CEBA Loan Repayment Reminder
Under the terms of the CEBA program, if the outstanding balance of the loan (other than the amount available to be forgiven) is repaid on or prior to December 31, 2023, you qualify for the partial loan forgiveness.
If you have an outstanding balance (other than the amount available to be forgiven) on your loan as of January 1, 2024:
You will no longer qualify for loan forgiveness;
Interest on the outstanding balance will commence on January 1, 2024 at an interest rate of 5% per annum; and
The maturity date on which your loan is due and payable in full will be December 31, 2025.
It’s Tax Time!
Please submit all your tax documents & Tax Information Sheet to us by March 31st via TaxFolder.
Contact Ashley or Sukhpreet if you need help with TaxFolder.
Canada Dental Benefit
The Canada Dental Benefit is intended to help lower dental costs for eligible families earning less than $90,000 per year. Parents and guardians can apply if the child receiving dental care is under 12 years old and does not have access to a private dental insurance plan.
Depending on your adjusted family net income, a tax-free payment of $260, $390, or $650 is available for each eligible child. This interim dental benefit is only available for 2 periods. You can get a maximum of 2 payments for each eligible child. Benefit payments are administered by the CRA.
The first benefit period is for children under 12 years old as of December 1, 2022 who receive dental care between October 1, 2022 and June 30, 2023.
Click here to learn more.
Ontario Staycation Tax Credit
The Ontario Staycation Tax Credit aims to encourage Ontario families to explore the province, while helping the tourism and hospitality sectors recover from the financial impacts of the COVID‑19 pandemic.
Ontario residents can claim 20% of their eligible 2022 accommodation expenses when filing their personal Income Tax. You can claim eligible expenses of up to $1,000 as an individual or $2,000 if you have a spouse, common-law partner or eligible children, to get back up to $200 as an individual or $400 as a family.
One-time top-up to the Canada Housing Benefit
The one-time top-up to the Canada Housing Benefit aims to help low-income renters with the cost of renting. Applicants can receive a tax-free one-time payment of $500 if their income and the amount of rent paid qualifies.
Applications are open until Friday, March 31, 2023.
Click here to learn more.