Covid Benefits: During the year, you may have received government COVID-19 support payments such as the Canada Emergency Response benefits. If these amounts are taxable, you will have received an information slip, such as a T4A or T4E, with instructions for how to report these
If you are self-employed, you may have received government COVID-19 assistance, such as the Canada Emergency Wage Subsidy. You have to either include these amounts in income or reduce your expenses by the amounts that you received. You may also have received a government loan.
The loan itself is not taxable, but you have to include in your income any portion of the loan that is forgiven.
Home Buyers’ Plan: If you are not considered a first-time homebuyer for the purposes of the HBP, and you experience a breakdown in your marriage or common-law partnership, you may be able to participate in the HBP under certain conditions.
Basic personal amount (line 30000 of the return): This amount has increased for most taxpayers.
Spouse or common-law partner amount (line 30300 of the return): This amount has increased for most taxpayers.
Amount for an eligible dependant (line 30400 of the return): This amount has increased for most taxpayers
Digital news subscription tax credit (line 31350 of the return): For 2020 – 2024, you may be able to claim expenses you paid in the year for a digital news subscription with a qualified Canadian journalism organization.
Tuition tax credit (line 32300 of the return): The Canada training credit that the student claims for the year reduces the tuition tax credit that the student can claim, transfer to a supporting individual, or carry forward to a later year.
Donations and gifts (line 34900 of the return): We have simplified the calculation on schedule 9 for most individuals. Also, for 2020 and later tax years, you may be able to claim a non-refundable tax credit for donations made to registered journalism organizations.
Canada training credit (line 45350 of the return): If you meet certain conditions, you will be able to claim a Canada Training Credit, a new refundable tax credit that is available for 2020 and future years.
Mineral exploration tax credit for flow-through share investors: This investment tax credit is extended for an additional 5 years to March 31, 2024.
Manitoba: A new one-time refundable Manitoba seniors economic recovery credit has been introduced for eligible seniors. Manitoba Finance mailed an advance payment of $200 to seniors in May or June of 2020. Seniors who did not receive the $200 advance payment may claim this credit on their 2020 income tax return.