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Money: Tax advantages: these new features in 2023

LILLEY: Taxes are only rising under Trudeau in new year

  LILLEY: Taxes are only rising under Trudeau in new year You don’t need to be a fortune teller to know that tax hikes are in the future for Canadians. At least five main taxes will increase in 2023 by hundreds of dollars per year for workers, employers and consumers. Of course, there could more if the Trudeau government decides they need more revenue tools to keep up with their ever-increasing spending. “Tax hikes will give Canadians a hangover in the new year,” said Franco Terrazzano, Federal Director of the Canadian Taxpayers Federation. On Jan. 1, workers and employers will start paying more in payroll taxes through Employment Insurance premiums and Canada Pension Plan premiums.

Energy renovation: a reinforced tax carrot

The deduction ceiling for land deficits on other taxable income from the household, set at 10,700 euros per year, is doubled for taxpayers Energy renovation work in housing rented by the end of 2025. To benefit from this enhancement, you must own a housing qualified as energy coland. That is to say, whose energy performance diagnosis (DPE) presents a bad energy class (letter E, F or G), and have work carried out which make it possible to improve its classification (passage in letter A, b, b, b, b, b, b, b, b, b, b, b, C or d).

The measure applies for quotes accepted from November 5, 2022 and expenses must be carried out between January 1, 2023 and December 31, 2025. Donors who will not be able to prove that the work has allowed Improve the classification of their property can be straightened. The deficits wrongly deducted will then be called into question and their taxes recalculated accordingly.

Republican Warning About SCOTUS Tax Returns Backfires: 'I'd Like to See'

  Republican Warning About SCOTUS Tax Returns Backfires: 'I'd Like to See' Rep. Kevin Brady warned that the public release of former President Donald Trump's tax returns could lead to similar disclosures about Supreme Court justices.Some people took to social media later Tuesday to suggest that they would like to see Supreme Court justices' tax returns.

Boost for the tax credit childcare

good news for parents who keep their children under the age of six outside their home. The costs paid in 2022 to an approved childminder or a drop-in-laws are entitled to a tax credit increased by 50 % this year. It will reach a maximum of 1,750 euros per child (half for minors in shared custody), against 1,150 euros so far.

Investments in SMEs: no precipitation!

As in 2020 and 2021, the rate of tax reduction for subscription of SMEs, in principle equal to 18 %, will be increased to 25 % in 2023, from a date to be specified by decree. It is therefore better to wait a little before investing in order to take advantage of the maximum bonus. For the record, the subscription ceiling is set at 50,000 euros per year for singles and 100,000 euros for married or PACS couples.

How Trump paid $0 in income tax in 2020

  How Trump paid $0 in income tax in 2020 Donald Trump paid no income tax during his last year as president, according to his tax returns, which were released to a congressional committee and are set to be made public within a few days. Despite pulling in nearly $11 million in interest from investments in addition to his nearly $400,000 salary, Trump did not…Despite pulling in nearly $11 million in interest from investments in addition to his nearly $400,000 salary, Trump did not pay income taxes because he also reported a $16 million loss from his real estate businesses. That loss put the former president almost $5 million in the red for 2020.

Press: early end of the

tax credit The 30 % tax credit granted to taxpayers who take out a first subscription to a paper or online and political information newspaper should apply until December 31, 2023 . The public authorities have however decided to remove it on January 1, one year in advance. Recall that it had already been tightened on modest taxpayers since June 13, 2022.

Family quotient: best for

widows the conditions for granting the additional half-share of quotient granted to the widows of veterans are extended . Can now benefit from it those over 74, whose spouse who died after 60 years was a simple holder of the combatant's card. Until now, only people whose deceased spouse himself benefited from the additional half-fiscal fiscal share after his 74 years or perceived the retirement of the fighter during his lifetime (from 65 years old) were affected.

Modified tax advantage for wood and forests

The tax reductions and credits attached to certain forest investments, initially planned to die out at the end of 2022, are extended for three years, until the end of 2025. The existing advantages are replaced by a single tax credit, at the rate of 25 % or 76 % depending on the type of investment made. Some expenditure ceilings are also revised upwards (6,250 euros for a single for the acquisition of wood, forest or land to be wood, 12,500 euros for a couple).

Article Tax advantages: These new features in 2023 appeared first on Better Living your money .

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