As we look ahead to 2023, it can be a good time to reflect on one’s finances and health. Great opportunities in 2023 may spring from employer perks and benefits, more education, or being proactive to avoid a tax bill in April. With this in mind, here are Canwest Accounting’s 5 New Year’s Resolutions.
- Take the kids to the dentist
Dental health is important to our overall health. Families earning less than $90,000, and who don’t already have private dental insurance, may be eligible for up to $650 for dental care per child under 12 years through the new interim Canada Dental Benefit. Families can only collect this benefit for two periods per eligible child. The first benefit period is for dental care received between Oct. 1, 2022 and June 30, 2023.
- Utilize workplace health benefits and perks
Review your workplace extended healthcare benefits to ensure you are utilizing them holistically. For example, if you sit at a desk for most of the day and feel tightness or pain in your shoulders and neck, you may want to see whether the plan covers massage therapy, acupuncture, or physiotherapy to help relieve that pain and learn new healthier habits for your body in general. Some workplaces also offer perks, such as counselling services, or paying for a gym membership or fitness classes, up to a certain value. Some medical expenses are also eligible as tax deductions. Canwest Accounting can clarify these for you, so hold onto all receipts.
- Add up your earnings at the end of the year
If you have more than one job or a side hustle, it’s possible you didn’t pay enough in taxes in 2022, unless you had extra tax taken off your paycheques. Meet with one of the tax experts at Canwest Accounting to determine whether there are additional expenses you can claim, if self-employed, or if investing in a registered retirement savings plan (RRSP) is your best option.
- Make a donation by the end of 2022
If you know you didn’t pay enough tax on your earnings this year, you may want to make a donation to a charity no later than Dec. 31 to offset your taxable earnings. Canwest Accounting can help you to claim your charitable tax credit on your 2022 tax return. Make sure you get a receipt.
- Plan ahead for your 2023 taxes and future
Be proactive and register for a course now for 2023 and use that as a tax credit for the following year. It’s a win for both your taxes and your career progression.
“We wish all our clients a happy, healthy and prosperous 2023,” said Sharlane Bailey, owner of Canwest Accounting, with offices in Victoria and Langford, “And look forward to speaking with you about your taxes in the new year.”
To have the exceptional team at Canwest Accounting save you time and money by consulting on doing your taxes, bookkeeping, tax planning for your business, recession-proofing your business, or filing estate returns, call or email us.
The suggestions and advice provided by Canwest Accounting should not be relied upon in place of professional advice. You are responsible for checking the accuracy of relevant facts and opinions provided.