Dear Client,
The time has come to begin thinking about the preparation and timely filing of your 2023 personal income tax returns.
We kindly ask that you send us your tax information as early as possible using one of the methods below:
- Send your Baker Tilly contact all your tax documents in an email via “Secure File Drop” – please refer to the Appendix A below for your contact’s secure upload link
- Drop off your tax documents in the Dropbox at our office
Click here to access the detailed organizer for 2023 - Personal Income Tax Checklist.
Please be sure to complete the checklist and send it back to us along with all your relevant tax documents. It can be completed on your computer or printed out and filled in by hand.
WHAT’S NEW?
Electronic remittances or payments above $10,000.
- As of January 1, 2024, remittances or payments to the Receiver General of Canada and Minister of Revenue of Quebec must be made as an electronic payment if the amount is more than $10,000, otherwise payers may face a penalty.
First home savings account (FHSA)
The FHSA is a new registered plan to help individuals save for their first home. Starting April 1, 2023, contributions to an FHSA are generally deductible and qualifying withdrawals made from an FHSA to purchase a qualifying home are tax free.
Home Office expenses for employees
For the 2023 tax year, the temporary flat rate method is no longer available. Therefore, taxpayers looking to claim home office expenses for 2023 will be required to use the detailed method (please complete the Home Office Worksheet in the attached Checklist) and get a completed Form T2200, Declaration of Conditions of Employment, from their employer.
A FEW IMPORTANT REMINDERS:
Realized gain or loss summary – Please ask your broker for a realized gain or loss summary for 2023
Foreign Income Reporting Requirements – Please ask your broker to provide a detailed summary of your foreign reporting information for 2023
Prescription Drug Summary – Please ask your pharmacist for a summary of all prescription medication sold to you, your spouse and your children in 2023
Please contact us if you have any questions.
BAKER TILLY MONTREAL, S.E.N.C.R.L./LLP
Appendix A
Please use one of the following links below to upload your documents to your Baker Tilly contact securely.
*If your Baker Tilly Montreal contact is not listed above, please contact them directly to request their Secure File Drop link.