Income tax returns for 2021: what you need to know

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The Canada Revenue Agency highlights new or adjusted credits and deductions. With the tax season upon us, the Canada Revenue Agency has highlighted what’s new on income tax and benefit returns.

Canada workers benefit. The refundable tax credit for low-income earners has different benefit rates and income thresholds for 2021, as well as a new “secondary earner exemption.”

Climate action incentive payment. Prior to 2021, this was a refundable tax credit. Now, eligible residents of Alberta, Saskatchewan, Manitoba and Ontario will automatically receive the payments four times a year starting in July 2022. To receive payments, a tax return must be filed. A supplement for residents of small and rural communities may be available for those currently residing outside a census metropolitan area and who expect to continue to do so on April 1, 2022.

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Original Article Source Credits: Advisor's Edge, https://www.advisor.ca

Article Written By: NA

Original Article Posted on: February 11, 2022

Link to Original Article: https://www.advisor.ca/tax/tax-news/income-tax-returns-for-2021-what-you-need-to-know