Tax season is upon us and there are a few new requirements and credits for this year's tax returns.

That according to Leo Friesen from H&R Block in Steinbach. He says they have been very busy ever since the CRA started processing returns in late February. He notes one of the bigger changes this year is a requirement to report the sale of a principal residence.

"It is still not taxable income as long as it has been your principal residence throughout the whole time that you owned the home, but it is now required to be reported. You risk being penalized or it becoming taxable if it is not reported, so it is just important to declare it on your tax return."

Friesen says adding the sale of a principal residence doesn't really change the outcome of a tax return but it is the government's way of monitoring the sale of homes. He says there are also a couple new credits available this year.

"There is a new credit for somebody that is doing renovations for the sake of making it more accessible to somebody with a disability. Those type of renovations can be claimed and also there is a new credit for teachers that are paying for supplies out of their own pocket, they can potentially get some money back for that type of expense."

Friesen says the deadline for filing tax returns is normally April 30th, but because that day falls on a Sunday this year the deadline has been pushed back to May 1st. He notes it is usually a good idea to file your tax return as early as possible, that way you know the outcome.

"The sooner you file your tax returns, the sooner you get your refund so it is definitely to your advantage. Also, you want to make sure that you don't all of a sudden risk being late in which case you could have penalties or interests if you have an amount owing so there is no reason to wait."