2023 TP1 tax updates

Here are the tax changes for TP1 returns for 2023:

New lines on the TP1 jacket

• New lines 10 (telephone number), 10.1 (email address) and 10.2 (electronic consent) have been added to the TP1.

First Home Savings Account (FHSA) – RL32

• A new form, RL32, has been introduced, which corresponds to the federal FHSA.
• Only the taxable amount will show on RL32.
• Contribution amount can be added directly on FHSA and flows to the TP1, without going through RL32.

Tax Rate

• First tax bracket (from $0 to $49,275) has been lowered from 15% to 14%
• Most of the credits followed this, by going from 15% to 14%.

TP1J and TP1029.61.MD

• There is a new form, TP1029.61.MD.
• This form is used to calculate the eligible services included in rent at a private seniors' residence for purposes of claiming the tax credit for home-support services for seniors for a given taxation year.
• Contents in this form were previously included under TP1J.