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1. turbotax.intuit.ca › tips › 9-biggest-tax-changesThe 9 Biggest Tax Changes Canadians Need to Know for 2023

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   Dec 20, 2023 · The RRSP annual dollar limit for tax year 2023 is $30,780. Remember that your RRSP contribution limit is capped at 18% of your earned income in the previous year. This means the dollar limit is the maximum amount you can contribute regardless of your income. 8. New OAS limit amounts.

2. turbotax.intuit.ca › tips › turbotax-for-tax-yearTurboTax for Tax Year 2023 is Now Available

   turbotax.intuit.ca › tips › turbotax-for-tax-year

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   Feb 2, 2024 · Get an extra perk where you can upgrade to TurboTax Assist & Review at no added cost so you can make sure you understand and learn how to maximize your refund and ensure it’s accurate, guaranteed. Get started and file for less! *For tax year 2023 products only. Filing must be completed by April 30, 2024, subject to change.

3. Videos

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     How to File Taxes on TurboTax: Tax Year 2023

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     Get Ready for Tax Year 2023 Now - Presented by TheStreet + TurboTax

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     TurboTax Review 2023 by a CPA | Pros + Cons | Walkthrough | Tutorial

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4. turbotax.intuit.ca › tips › a-new-blue-monday-fixA New Blue Monday Fix? Getting Ahead on Your Taxes. | 2023 ...

   turbotax.intuit.ca › tips › a-new-blue-monday-fix

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   • Stay Organized. Being organized is the key to an easy and stress-free tax season. The first step to getting ahead of taxes is to gather all necessary documents, including T4s, T5s, and receipts for medical expenses, charitable donations, and tuition fees.
   • Start Early. Have you ever had the realization on the day of the deadline that you forgot to file taxes? Or maybe you struggle to gather all the documentation necessary to file taxes in a rush, causing even more frustration in the process.
   • Know Your Deadlines. Tax deadlines are important, so be sure to mark them on your calendar. This includes the deadline for filing your taxes and for contributing to your RRSP.
   • Take Advantage of Tax Credits. The Canadian government offers many tax credits, so it’s important to familiarize yourself with them in order to maximize your tax return.

5. www.cloudtax.ca › blog-post › your-guide-to-2023-taxYour Guide to 2023 Tax Updates: 21 Tax Changes ... - CloudTax

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   • The Multigenerational Home Renovation Tax Credit (MHRTC): MHRTC is like adding a cozy nook to your home—a place where generations come together, share stories, and create memories. 🏠👵👨👩👦
   • Advanced Canada Workers Benefit. Automatic Advance Payments: If you received the Canada Workers Benefit (CWB) in the previous tax year, rejoice! The ACWB now issues advance payments automatically.
   • Unpaid Tax Penalty: A Costly Reminder. What’s New? The CRA has cranked up its unpaid tax penalty to 10%. If you’ve ever faced a late-filing penalty for 2020, 2021, or 2022 and received that stern letter demanding your return, brace yourself.
   • Electronic remittances or payments above $10,000. As of January 1, 2024, remittances or payments to the Receiver General of Canada should be made as an electronic payment if the amount is more than $10,000.

6. blog.turbotax.intuit.com › turbotax-news › turbotaxExperience Unmatched Tax Preparation with TurboTax’s New Tax ...

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   Nov 27, 2023 · On November 30, TurboTax will also launch TurboTax Online and TurboTax Live Assisted products for tax year 2023. Tax filers, regardless of their complexity, will get even smarter, more streamlined tax preparation across all product offerings with the power of GenAI, whether they want to do their taxes themselves, have an experienced tax expert help them along the way, or completely hand their ...

   • Author: Lisa Greene-Lewis

7. www.forbes.com › taxes › tax-season-changes-canadaWhat Are The Changes In Canada For Tax Season 2023?

   www.forbes.com › taxes › tax-season-changes-canada

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   Oct 9, 2024 · The contribution limit increased from $29,210 in 2022 to $30,780 for tax year 2023. Having said that, your contribution limit is still capped at 18% of your earned income unless you have carry ...

8. People also ask

   What changes will TurboTax make in 2023?

   • You will continue to make base and first additional CPP contributions of 5.95% if you are an employee or an employer, or 11.9% if you are self-employed. TurboTax automatically searches 400+ credits and deductions for you. Several new changes have been made on the tax scene - here are the most important ones to keep in mind for tax year 2023.

   The 9 Biggest Tax Changes Canadians Need to Know for 2023

   turbotax.intuit.ca/tips/9-biggest-tax-changes-canadians-need-to-know-in-2023-14386

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   What tax credits are no longer available for 2023?

   • Disappearing Tax Credits: Several tax credits are no longer available for 2023, including the Ontario seniors’ home safety tax credit and the Saskatchewan home renovation tax credit. These are some of the key changes for the 2023 tax year. But fear not! You don’t have to navigate this path alone.

   Your Guide to 2023 Tax Updates: 21 Tax Changes Every ... - CloudTax

   www.cloudtax.ca/blog-post/your-guide-to-2023-tax-updates-21-tax-changes-every-canadian-should-know-for-2023

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   What are the new tax brackets for 2023?

   • The new federal tax brackets for 2023 are as follows: The adjustment upwards means that Canadians on the edge of a tax bracket might find themselves shifted into a lower bracket this year and pay less taxes because of it. 7. The TFSA and RRSP limits have been increased The TFSA contribution limit has increased to $7,000 for the year.

   The 9 Biggest Tax Changes Canadians Need to Know for 2023

   turbotax.intuit.ca/tips/9-biggest-tax-changes-canadians-need-to-know-in-2023-14386

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   When will TurboTax launch?

   • On November 30, TurboTax will also launch TurboTax Online and TurboTax Live Assisted products for tax year 2023.

   Experience Unmatched Tax Preparation with TurboTax’s New Tax Year 2…

   blog.turbotax.intuit.com/turbotax-news/turbotax-tax-year-2023-products-services-63706/

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   When is TurboTax live business coming back?

   • After a successful launch in tax year 2022, TurboTax Live Business is back. Also launching November 30, 2023, business entities that are partnerships (1065), S-Corps (1120-S) and multi-member LLCs will be matched with tax experts experienced in their tax situation.

   Experience Unmatched Tax Preparation with TurboTax’s New Tax Year 2…

   blog.turbotax.intuit.com/turbotax-news/turbotax-tax-year-2023-products-services-63706/

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   Will Canadian taxes increase in 2023?

   • As part of their policy to continue increasing it over time the government increased the Basic Personal Amount for the 2023 tax year to $15,000. This means that every Canadian will get a slight boost to their return this year, and it’s likely you can expect another increase next year as well. 6. Tax brackets have shifted to account for inflation

   The 9 Biggest Tax Changes Canadians Need to Know for 2023

   turbotax.intuit.ca/tips/9-biggest-tax-changes-canadians-need-to-know-in-2023-14386

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9. www.canada.ca › en › revenue-agencyPersonal income tax: What's new for 2023 - Canada.ca

   www.canada.ca › en › revenue-agency

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   Starting in 2023, the maximum employment deduction for tradespersons’ eligible tools has increased from $500 to $1,000. As a result, the threshold for expenses eligible for the apprentice mechanics tools deduction has also changed. For more information about tools deductions for tradespersons and apprentice mechanics, see line 22900 or Guide ...