Here are some of the updates

CRA is accepting application starting December 1, 2022, tax-free payment of maximum $650/child of Canada dental benefit if family income is under $70,000 (reducing to $0/child if family income is equal or higher than $90,000) to cover dental expenses for children under age 12 without dental coverage. Program would be available for two periods based upon the annual income ending December 31, 2021 and December 31, 2022. Apply online through CRA’s My Account

CRA is accepting application starting December 12, 2022, one-time tax-free payment of $500 of Canada housing benefit to low-income renters (for family, adjusted net income was below $35,000; for individual, below $20,000). Apply online through CRA’s My Account.

CRA in early November automatically provided one-time, lump-sum tax-free payment equal to six months of GST/HST credits.

Bill C-32 included the following income tax provisions:

1. Any gain on disposition of a Canadian housing unit within one-year period of its purchase would be treated as business income. Apply to transactions on or after January 1, 2023 (intended date).
2. Two-year ban on non-Canadians from purchasing residential property in Canada on or after January 1, 2023 (intended date)
3. Introducing a new tax-free first-time home savings account (FHSA) effective on April 1, 2023. First-time home buyer can save up to $40,000 and up to $8,000 in any one year. Contribution to FHSA is deductible; while earnings within FHSA and withdrawal made to purchase a first home would be tax-free.
4. Expanded reporting requirements for trusts would be delayed one year. Trust with December 31 2023 year-end would be the first to be impacted.
5. Doubling the First-time homebuyers’ tax credit to $10,000 (from $5,000) effective on or after January 1, 2022
6. Doubling the Home accessibility tax credit to $20,000 (from $10,000) effective on or after January 1, 2022
7. Introducing the multi-generation home renovation tax credit of up to $50,000 for constructing a secondary suite for senior or person with disability to live with relative, effective on or after January 1, 2023 (intended date)
8. Introducing the Underused Housing Tax: All owners (including individuals, corporations, partnerships, trusts and estates) of residential property in Canada as of December 31 must file a return by April 30 of the following year, unless they are an excluded owner (Canadian citizens, permanent residents and public corporations). For those required to file, the tax payable is deemed to be zero if an exemption applies. Heavy penalty for failing to file on time.

(Disclaimer: this is for information only. Details and advice should be obtained from professionals)