A few years later, her son, Lars Jorgensen, joined the organization as the managing partner. Under his direction, the business expanded to include bookkeeping, corporate tax preparation and planning. He has carried on the tradition of quality service and expertise while implementing the latest technologies to “stay ahead of the curve”.

The continued growth necessitated change. In 2008, EJ Tax Service was incorporated. In 2017, the list of available services greatly expanded through an association with Sentry Group Wealth Partners, which introduced financial planning, investments, insurance and mortgages. Finally, in 2022, after years in the downtown core, the business relocated to its current location at 2225 Kingsway Drive.

Today, EJ Tax Service proudly serves over 4,000 clients in the region and continues to grow due to a commitment to developing and maintaining strong relationships with both returning and new customers.

Kaitlynn began working at EJ Tax in 2020. She is currently enrolled at Conestoga College in the Honours BBA – Accounting, Audit and Information Technology program. The knowledge gained from her schooling transfers exceptionally well to real life scenarios encountered at work.

• Advance payments of the Canada workers benefit (CWB) are now issued automatically under the ACWB to those who received the benefit in the previous tax year. As a result, Form RC201, Canada Workers Benefit Advance Payments Application, has been discontinued. Starting in 2023, amounts from your RC210 slip are to be reported on Schedule 6, Canada Workers Benefit, in order to calculate the amount to enter on line 41500 of your return. If you are married or have a common-law partner, you can choose who will claim the basic amount for the CWB regardless of who received the RC210 slip for the basic amount.

• Starting in 2023, the maximum employment deduction for tradesperson’s eligible tools has increased from $500 to $1,000.

• After December 31, 2022, if you repay 2020 or 2021 COVID-19 benefits that you reported as income, you can only claim a deduction for the amount repaid in the year of the repayment.

• The FHSA is a new registered plan to help individuals save for their first home. Starting April 1, 2023, contributions to an FHSA are generally deductible and qualifying withdrawals made from an FHSA to purchase a qualifying home are tax-free.

• The MHRTC is a new refundable tax credit that allows an eligible individual to claim certain renovation costs to create a secondary unit within an eligible dwelling so that a qualifying individual can reside with their qualifying relation. If eligible, you can claim up to $50,000 in qualifying expenditures for each qualifying renovation completed, up to a maximum credit of $7,500 for each claim you are eligible to make.

• Starting January 1, 2023, any gain from the disposition of a housing unit (including a rental property) located in Canada, or a right to acquire a housing unit located in Canada, that you owned or held for less than 365 consecutive days before its disposition is deemed to be business income and not a capital gain, unless the property was already considered inventory or the disposition occurred due to, or in anticipation of certain life events.

• The Ontario seniors’ home safety tax credit, Ontario jobs training tax credit and the Ontario staycation tax credit are no longer available for 2023 and later tax years.

• All trusts, unless specific conditions are met, must file a T3 return for tax years ending after December 30, 2023. Many trusts, including bare trusts, will need to file for the first time.