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Jeremy Bertrand - “Keeping More of Your Money”

12 Mar 2022 4:57 PM | Terry Atchison (Administrator)

“Keeping More of Your Money”

Jeremy Bertrand,

Ontario Ministry of Finance

10:00 AM, March 09, 2022

Thank you to Gary W. Colgan, Treasurer, Bobcaygeon PROBUS Club for summarizing and sharing his handwritten notes.

The main focus of Jeremy’s presentation was to introduce his audience a variety of credits and benefits that they may be entitled to.

Key Messages:

  • The 2021 Tax Return is due on May 02, 2022
  • Even if a taxpayer doesn’t owe any tax, they are still entitled to tax credits. It is important that they file a return to take advantage of any credits.  The taxpayer may be eligible to get money from the government as a result of these credits.
  • It is important to create a file every year to store any papers, receipts, documents that you will need to complete your return. 
  • All documents should be retained for a period of 7 years.  After 7 years, the documents can be destroyed, preferably by shredding, not recycling, as many forms contain important information (i.e., SIN) that could prove catastrophic if they fell into the wrong hands.
  • It is possible to adjust your income tax returns any time back 10 years, by requesting a T1 Adjustment Request.  If you became aware of credits that you were entitled to and did not claim at time of filing, it is possible to go back 10 years and correct the issues.
  •  It is important to pay attention to what has changed both federally and well as for Ontario.  The media will broadcast various interesting budget details that are being considered.

The personal income tax form that we all fill out is actually entitled T1 General Income Tax and Benefit Return (bolding and underlining is the writer’s).  The form is used to calculate taxes payable, as well as Benefits that can be claimed

  • Approximately 90% of taxpayers file their return electronically.
  • CRA administers the taxation program both federally, as well as provincially and territorially.  In dealing with the Tax Man, we are always dealing with CRA.
  • Having said that, Jeremy did offer to answer any general questions we may have about taxation.  Specific questions should be posed to CRA
  • The CRA Website lists the various types of software that are acceptable to file personal income tax returns.  Some of this software is free of charge.

The rate of taxation that one pays is based on taxable income.  There are also 5 different tax rates for both federal taxes as well as Ontario taxes.  The more your taxable income, the higher the taxation rate.

2021 Taxation Rates: https://www.wealthsimple.com/en-ca/learn/tax-brackets-canada

2022 Taxation Rates: https://www.canada.ca/en/revenue-agency/services/tax/individuals/frequently-asked-questions-individuals/canadian-income-tax-rates-individuals-current-previous-years.html

Tax Credits

There are various tax credits available both federally, as well as Ontario.  It is important that the taxpayer review and become familiar with what tax credits are available.

Charitable donations

  • Do not have to be claimed in the year they were made but can be saved for up to 5 years.
Medical expenses
  • must exceed 3% of your net income to afford any tax reduction. 
  • CRA publishes a 35-page book that details just what are medical expenses.  Most people do not know that travel to medical appointments, if the distance travelled is more that 40 km, is a medical expense.  Medical expenses can be claimed by one spouse.
   Link to book

https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc4065.html


The Climate Action Incentive

  • could provide relief for those living in a rural area.
Seniors Home Safety Tax Credit
  • Ontario has introduced the Seniors Home Safety Tax Credit, which can see a tax credit of 25% on all expenses incurred to make the seniors’ home more accessible and/or safer.  The maximum amount of expenses is $10,000.00 for the tax years 2021 and 2022.  If the maximum amount was claimed each year, this could result in a tax credit of $2,500.00 for each year.
  • The federal government also has a similar program that has been in place since the 2017 tax year.  It is possible to use the same expenses to claim both the Ontario Credit, as well as the federal credit.
·Staycation Tax Credit:
  • Ontario has also introduced a Staycation tax credit, that issues a tax credit for any leisure hotel stays in the Province of Ontario, provided that the Hotel is registered with HST.  The maximum family credit is $2,000.00 per year.

Jeremy's Tax Credit Resources 

Ontario Trillium Benefit 2022.pdf

Ontario Staycation Tax Credit 2022.pdf

Ontario Seniors' Public Transit Tax Credit 2022.pdf

Ontario Seniors' Home Safety Tax Credit 2022.pdf

Ontario Senior Homeowners' Property Tax Grant 2022.pdf

Ontario Ministry of Finance Personal Income Tax Resource Sheet 2022.pdf

Ontario 2021 Information Guide.pdf

Low-income Individuals and Families Tax Credit 2022.pdf

Jobs Training Tax Credit 2022.pdf

GAINS 2022.pdf

CRA Medical Expenses booklet 2021.pdf

Caregiver Credit 2022 CRA.pdf

Child Care Tax Credit 2022.pdf


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