CRB Repayment & 2022 Tax Info

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2022 Tax Information and Questions
About CRB, CSRB and Related Benefits

CRA, Income Tax & 9 Things to Know for 2022

Preparing to File Your Individual Income Tax

1. CRB Repayment of COVID-19 Benefits

CRB Repayment & 2022 Tax Information can be difficult to discern, which is why TAXMAN is here to help you with preparing and filing your 2022 income tax. 

Individuals who applied for and received COVID-19 benefits in 2021 from the CRA, including the Canada Recovery Benefit (CRB), Canada Sickness Recovery Benefit (CSRB) or Canada Recovery Caregiving Benefit (CRCB) will receive a T4A slip for your tax return. Each of these benefits is taxable. 10% of the benefit was held back for income tax purposes by the CRA, so in some cases you may still owe additional income tax on the funds that you received.

In some situations you may have to repay some or all of the benefit.

a. Those who received the  benefit when they did not qualify will have to repay their benefits. In order to receive the benefit an individual, whether self-employed or working had to have:

a. their means of earning an income disrupted due to C19;

b. have earned less than $1000 in the proceeding 2 week period to apply for the benefit for that 2 week period;

c. working full-time required that you must have earned at least $5000 in NET income (even CERB benefits qualified for income) in 2020 or 2021 to be eligible for the CRB benefit.

2. Do you work from home? You can claim up to $500 for expenses.

A work-from-home tax credit is available again this year for up to $500.  You can claim the total based on your expenses. It may be easier when preparing your income tax to use the CRA’s flat-rate of $2 per day that you worked from your home. 

3. The Basic Personal Amount each person can claim has increased

The Basic Personal Amount that each individual can claim for 2022 was $14,398. In 2023 it increases to $15,000. For more detail about preparing your individual income tax, see our page here.

4. The TFSA limit is still $6000

The deposit limit for TFSAs remains at $6000 for this year. Unless you have contributed the maximimum each year, you are able to deposit up to your accumulated limit from previous years.

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CRB Repayment & 2022 Tax Information

5. Tax brackets have shifted to account for inflation

The CRA has adjusted the tax brackets for 2022 due to inflation. The new federal tax brackets for 2022 are as follows:

  • $0 to $50,197 of income (15%)
  • More than $50,197 to $100,392 (20.5%)
  • More than $100,392 to $155,625 (26%)
  • More than $155,625 to $221,708 (29%)
  • $221,708.01 and higher (33%)

The adjustment in the tax brackets means that Canadians who were on the edge of a tax bracket might find they are in a lower bracket this year, which can lead to substantial savings to your income taxes that are payable.

6. The OAS limit has increased

OAS is intended to provide retirees with an additional means of income for their retirement. However, the OAS can be reduced or even canceled depending on your taxable income.

The limits for taxable income for seniors 75 and over have increased 10% for the 2022 tax year. If your taxable income for 2022 exceeded $81,761, you would need to repay some of your OAS. The OAS is cancelled for those whose taxable income was over $134,626.

The GIS (Guaranteed Income Supplement) is available to apply for at the age of 65 to help those with a low income under

7. Canadian maximum contributions to CPP have been increased

The Canada Pension Plan (CPP) has been increased by 2.7%. The maximum pensionable earnings are now $64,900, with a basic exemption of $3,500 for 2022. For CPP, the employee and employer maximum contribution is $3,039.30.

It is important to note that self-employed individuals have to account for both the employer and the employee side of the contribution when preparing and filing their income taxes to the CRA. Their maximum contribution amount for CPP is $6,078.60. Read more here. These factors can make it more confusing for self-employed individuals to figure out whether they owe CRB Repayment & 2022 Tax Information in general.

8. RRSP contribution limit has increased

The annual RRSP contribution limit is 18% of your earned income from the previous year. However, the maximum limit for the 2022 tax year has been increased to $29,210.

9. Some Changes to tax credits that may affect you

Individuals preparing and filing income taxes for 2022 should note that some income tax credits have been added, changed, or reinstated for the 2022 tax year. Here are some of the important Federal changes to tax credits for your preparing your income taxes:

  • Air Quality Improvement Tax Credit. Eligible businesses, including sole proprietorships, can claim 25% of their qualifying ventilation upgrades to a maximum of $10,000. This creates a $2,500 tax credit to reduce taxes payable. For more information about preparing your T2 business tax, see our page here.
  • Motor Vehicle income tax deduction limits have increased. The CRA has:
  • Increased the ceiling for capital cost allowances (CCA) for zero-emission passenger vehicles  from $55,000 to $59,000, before tax, for vehicles (new and used) purchased on or after the start of the year, January 1, 2022.
  • Increased the limit from $30,000 to $34,000, before tax, for regular passenger vehicles (new and used) purchased on or after January 1, 2022.
  • The limits for leasing costs that are deductible have increased from $800 to $900 per month, before tax, for starting new leases.
  • Increased the amount paid per kilometre for travel by employers to employees who need to use their own vehicle for work by $0.02 cents more than last year to $0.59 per km.
Below are some of the changes to tax credits in Nova Scotia:

CRB Repayment & 2022 Tax Info: Summary

CRB Repayment and COVID-19 Benefits
Who has to repay?
  • If you were ineligible for the benefit
  • 50% of each dollar of NET income over $38,000
CRB Repayment of COVID-19 Benefits Gives You a Tax Reduction

Those who have repaid some or all of the COVID-19 benefits received can claim a tax deduction for the repayment in the year you received the benefit or the year you repaid it.

CRB Repayment and Provincial Payments

Any payments or benefits received from your province as some form of emergency assistance or help is NOT a taxable benefit and you do not need to record it as income.

2022 Work-from-home Credit

Claim up to $500 for a tax credit.

The Basic Personal Amount is $15,000 in 2023.
2023 TFSA limit is $6500
Tax brackets have Increased to account for inflation
The OAS limit for 2023 has increased to $86,912
Contributions to CPP have been increased to $3,754.45 fpr 2023
RRSP contribution limit for 2023 has increased to $30,780
New federal and Provincial Tax Credits
For More on Preparing & Filing T1 Individul Taxes, click HERE
For More on Preparing and Filing T2 Income Taxes for Business, click HERE
CRB Repayment & 2022 Tax Info. How can we help?

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CRB Repayment & 2022
Tax Information

Further Tax Information for 2022

There are several ways to find your limit. For example, it is included on your tax assessment from 2021 or you may go to your CRA Myaccount. See here.

There is a full list of federal tax crdeits with clickable explanations located here.

The Canada Housing Benefit is intended to help people renting on low-income with the cost of renting. Based on your income and the monthly rent you pay, you may qualify for a  one-time payment of $500 that is tax-free.

CRB Repayment & 2022 Tax Information
Image that states "Proactive Tax Planning". Understanding CRB repayment & 2022 tax info can be challenging. There expenses, deductions, tax credits, and the math to figure it all out. Taxman provides professional income tax services for your home or business.