Small business resources for tax filing
About My Business Account – Dealing with the CRA from a secure online portal on various business accounts, including GST/HST, payroll, corporation income tax, excise tax, and excise duties. Bringing assets into a business – Information about buying or expanding a business, including how to determine fair market value and the effects on GST/HST, and transferring assets. Business audits – What you need to know […]
What is My Business Account and how do I register?
My Business Account is a secure online portal that provides an opportunity to interact electronically with the CRA on various business accounts. Business accounts include GST/HST (except for GST/HST accounts administered by Revenu Québec), payroll, corporation income taxes, excise taxes, excise duties, and more. You can register for My Business Account using your CRA user ID and […]
Here are the top changes that will affect business taxes in 2024
Canada Pension Plan – What’s new in 2024 Here’s what’s changing for the Canada Pension Plan (CPP) in 2024: Changes to mandatory electronic filing thresholds Recent legislation amended mandatory electronic filing thresholds for certain information returns (slips and summaries), including T4 payroll return (remuneration paid), T5 (investment income), T3 (trust income) and T4A (pension and […]
File your 2023 corporate income tax return now to get the Canada Carbon Rebate for Small Businesses
Retroactive payments will be issued to eligible Canadian-controlled private corporations (CCPCs) with respect to the 2019-2020 to 2023-2024 fuel charge years. To be eligible for the rebate for one or more of the fuel charge years, a CCPC must: CCPCs do not have to apply for this rebate. Once the Minister of Finance has specified the payment rates for each designated province for […]
How to apply now for the 100% GST/HST rebate for purpose-built rentals
The Government of Canada is providing a 100% rebate on the Goods and Services Tax (GST), or the federal portion of the Harmonized Sales Tax (HST), on new purpose-built rental housing (PBRH). This housing includes apartment buildings, student housing and seniors’ residences. Applications for the PBRH rebate can be made online starting May 13, 2024. To qualify, residential […]
How to claim home office expenses
The Canada Revenue Agency is currently updating its webpages and Form T2200 for the 2023 tax year. The updated form, which will be made available at the end of January 2024, along with other T1 related forms, will be easier to complete for employees who are only claiming a deduction for home office expenses. Eligible […]
Reporting requirements for the Canadian Dental Care Plan
he Canadian Dental Care Plan (CDCP) will provide dental coverage for uninsured Canadians with an adjusted family net income of less than $90,000. There are new reporting requirements that begin with the 2023 tax year for issuers (including employers and pension plan administrators) of the T4 Statement of Remuneration Paid and T4A Statement of Pension, […]
Additional Canada Pension Plan (CPP) contributions required for 2024
On January 1, 2024, the government introduced a second earnings ceiling known as the Year’s Additional Maximum Pensionable Earnings (YAMPE). People who have income above the first earnings ceiling will contribute an additional percentage of the income they earn above the first earnings ceiling up to the second earnings ceiling. This additional CPP contribution is part of […]
First Home Savings Account (FHSA)
A first home savings account (FHSA) is a registered plan allowing a prospective first-time home buyer to save for your first home tax-free (up to certain limits). You can open an FHSA with your bank starting April 1, 2023. Contributions that you make to your first home savings accounts (FHSAs) are generally deductible on your […]
Canada Revenue Agency (CRA) Employees Strike
On April 19, 2023, the Union of Taxation Employees (PSAC-UTE) members have gone on strike. As a result of PSAC-UTE’s decision to begin labour action, Canadians should expect that some CRA services will be delayed or unavailable. While there are no plans to extend tax filing deadlines, the CRA will continue to accept all tax returns. Those that are filed […]