Laura Marcato

What is My Business Account and how do I register?

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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 password or through a sign-in partner.

If you haven’t set up your user ID, visit: Registration process to access the CRA sign-in services

What you’ll need to register:

Steps:

  1. Create a CRA user ID and password if you haven’t yet
  2. Enroll in mandatory multi-factor authentication (telephone or passcode grid)
  3. Register for a business number if you do not have one

Note: The CRA has introduced a new way to register for digital services, including My Business Account—the Document Verification Services (DVS), making it easier than ever to sign up. This secure method validates your identity in real-time, granting immediate access without the delay of waiting for a mailed security code. For more information on DVS please visit How can I verify my identity without a CRA security code?

Here are the top changes that will affect business taxes in 2024

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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 other income return). For more information visit Businesses: Beginning January 1, 2024, if you file six or more information returns you must file them electronically to avoid penalties and How to file information returns – Canada.ca.

Changes to electronic filing for GST/HST registrants

For GST/HST reporting periods that begin in 2024, all GST/HST registrants, with the exception of charities and selected listed financial institutions, will be required to file returns electronically. To learn more, visit: File the return – Complete and file a GST/HST return – Canada.ca.

Reporting requirements for the Canadian Dental Care Plan 

The 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, Retirement, Annuity, and Other Income. For more information on the requirements for the CDCP visit Employers and pension plan administrators: Changes coming to T4/T4A reporting – Canada.ca.

New reporting requirements for trusts

The Government of Canada has introduced new reporting requirements for trusts. Affected trusts will be required to file an annual T3 Trust income tax and information return (T3 Return), including a Schedule 15, Beneficial Ownership Information of a Trust, if applicable, with the CRA for tax years ending after December 30, 2023.

These new reporting requirements are part of Canada’s international commitment to the transparency of beneficial ownership information, as well as its continuous efforts to maintain the effectiveness and integrity of the Canadian tax system.

For more information on these new requirements, including information for bare trusts that may be filing for the first time, please refer to our Frequently Asked Questions.

Province of employment policy

There is a new CRA administrative policy regarding province of employment (POE) that comes into effect on January 1, 2024. Where a full-time remote work agreement was made, an employee will be considered reporting to work at an establishment of the employer if they can be reasonably considered “attached to an establishment of the employer”. For more information on this policy and the indicators to determine if they can be considered attached, see Determine the province of employment (POE) – Set up and manage employee payroll information.

Note on electronic filing of Special Elections and Returns

The CRA is digitizing the Special Elections and Returns (SERs) forms which will allow taxpayers to file electronically using Submit Docs or certified software.

  • What’s new: To avoid processing delays, please use the most recent versions of the Special Election and Returns forms. As of October 2023, older versions will be returned to you for resubmission

Is this your first time filing as a business or self-employed individual? Do you want to better understand your tax obligations?

The CRA offers a free Liaison Officer service to owners of small businesses and self-employed individuals to help them understand their income tax, GST/HST, and payroll obligations. A free in-person or virtual visit with a liaison officer is 100% confidential. The information you choose to discuss with a liaison officer will not be shared with other areas of the CRA, or anyone else. These personalized sessions can provide support, guidance, and help ease the stress of filing.

Looking for more information?

As you make any kind of changes to your business, you might have questions and need information and guidance from the CRA. We can help. The Resources for Small and Medium businesses web page provides direct access to tax-related services and information for businesses.

Is there an error on your tax return that needs to be fixed?

If you think you have made an error on your tax return you can request a reassessment.

You might be eligible for relief under the Voluntary Disclosures Program (VDP). The VDP grants relief on a case-by-case basis to taxpayers and registrants who voluntarily come forward to fix errors or omissions in their tax filings before the CRA knows or contacts them about it. The VDP receives applications from a wide range of taxpayers and registrants who want to correct various tax situations. You can find information on how to apply at Voluntary Disclosures Program.

File your 2023 corporate income tax return now to get the Canada Carbon Rebate for Small Businesses

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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:

  • have employed one or more persons in a designated province in the calendar year in which the fuel charge year begins;
  • have had 499 or fewer employees throughout Canada in that calendar year; and
  • have filed their corporate income tax return for the tax year ending in 2023 no later than July 15, 2024.

CCPCs do not have to apply for this rebate. Once the Minister of Finance has specified the payment rates for each designated province for an applicable calendar year, the Canada Revenue Agency will calculate and automatically issue the rebate amounts to eligible CCPCs.

How to apply now for the 100% GST/HST rebate for purpose-built rentals

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 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 units need to meet the requirements for the current GST/HST new residential rental property rebate and must be in a multi-unit residential complex with at least:

  • 4 private apartment units (each containing kitchen, bathroom and living area) or at least 10 private rooms or suites, and
  • 90% of residential units are held for long-term rental

Unlike the GST/HST new residential rental property rebate, the PBRH rebate does not have a $450,000 fair market value limitation per unit.

This rebate is available for projects where construction began after September 13, 2023, but before 2031, and will be substantially completed before 2036. For the purpose of this rebate, construction is generally considered to have begun when excavation for the project starts. 

Construction to convert existing non-residential real estate, such as an office building, into a residential complex will be eligible for the PBRH rebate, if all conditions are met. Since the goal is to increase the housing supply, the rebate will not apply to the substantial renovation of an existing residential complex. 

How to apply:

To learn more about the purpose-built rental housing rebate, go to GST/HST rebate for purpose-built rental housing (PBRH).

How to claim home office expenses

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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 employees who worked from home in 2023 will be required to use the detailed method which was the method used to claim home office expenses prior to the pandemic. Eligible employees who worked from home due to the COVID-19 pandemic could use a temporary flat rate method to claim home office expenses for the 2020, 2021, and 2022 tax years. This temporary flat rate method does not apply to the 2023 tax year.

Reporting requirements for the Canadian Dental Care Plan 

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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, Retirement, Annuity, and Other Income. For more information on the requirements for the CDCP visit Employers and pension plan administrators: Changes coming to T4/T4A reporting – Canada.ca.

Additional Canada Pension Plan (CPP) contributions required for 2024

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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 the CPP enhancement known as second additional CPP contributions (CPP2).  It will not replace the first earnings ceiling. Instead, it will subject worker’s earnings to two earnings limits.

Contribution rate split (employee/ employer)Contribution rate (self-employed)YMPE, or first earnings ceilingYAMPE, or second earnings ceilingMaximum yearly CPP2 contribution (employee /employer)Maximum yearly CPP2 contribution (self-employed)
4%8%$68,500$73,200$188$376

Starting in 2024, employees and employers will each contribute an additional 4% on earnings above the first earnings ceiling (the YMPE), up to the amount of the second earnings ceiling (the YAMPE). These are their CPP2 contributions.  The rates in 2024 will be as follows:

Employees

  • When you do your taxes, your CPP contributions must be separated into two parts: CPP base alongside first additional CPP contributions and CPP2 contributions (starting in 2024). Base contributions are calculated at a rate of 4.95% while first CPP contributions are calculated at a rate of 1%. Both are reported together in Box 16 on the T4 slip. Box 16A will be added to the T4 slip to report any CPP2 contributions starting with the 2024 tax year. Any year you do not make CPP2 contributions, Box 16A will be left blank.
  • You can claim a 15% non-refundable tax credit for your base CPP contributions. You will claim a tax deduction for the enhanced portions such as first additional and CPP2 contributions.
  • automatically separate and apply the base and enhanced contributions for you.

Employers

  • Withhold and remit CPP2 contributions the same way as base and first additional CPP contributions.
  • Report employees base and first additional CPP contributions in Box 16 on the T4 slip. For T4 slips filed for calendar year 2024 and after, report the amount of CPP2 contributions you deducted from your employee in Box 16A.
  • Do not report any amount using Box 16A if you did not deduct CPP2. All employer contributions to the CPP are tax deductible.

Self-employed

  • Send your CPP contributions when you file your T1 return.
  • Your contributions are based on net business income.
  • When you do your taxes, you will separate your CPP contributions into two parts: CPP base alongside first additional CPP contributions, and CPP2 contributions (starting in 2024). The base contribution is the amount that is calculated at a rate of 9.9%, and first additional CPP contributions are calculated at a rate of 2%. You can claim a 15% non-refundable tax credit on 4.95% of the base CPP contributions, and claim a tax deduction on the other 4.95%. You can also claim a tax deduction on the enhanced portion of your contributions (2%). Starting in the 2024 tax year, CPP2 contributions will be calculated at a rate of 8%. All CPP2 contributions are tax deductible.

Canada Revenue Agency (CRA) Employees Strike

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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 digitally, which represent the vast majority of T1 and T2 returns, will largely be processed automatically by our systems without delay.

For information on any impacts to services, Canadians can consult the Contact Us page for more details and current wait times and Labour disruptions impact at the Canada Revenue Agency pages for more information as the situation continues to evolve.

Passing of Founding Partner Michael Seniuk Sr.

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Our firm is saddened to announce the passing of Michael Seniuk Sr. on March 24, 2023, at the age of 92. Michael attended the University of Saskatchewan and became a member of the Institute of Chartered Accountants in 1960. He founded Seniuk and Company CAs in 1973 and was still actively practicing until 2016.

He had an intelligent mind, a keen wit, and a caring and supportive heart to all who knew him. He was a big teddy bear with a smile, a sense of humor, and an occasional harmless growl. His passion was golf and not just playing it but serving the ideals of the game. He served with the Alberta Golf Association, was a Governor of the Royal Canadian Golf Association, and was an active member in several golf courses. He enriched the lives of all who knew him including family, friends, and clients of the Firm. He was one of a kind and will be greatly missed and always remembered fondly.

A Celebration of Life will be held at Hainstock’s Funeral Home and Crematorium, 9810 – 34 Avenue on Monday, April 3, 2023, at 2:00 pm. A live stream of the event can be viewed at https://view.oneroomstreaming.com/index.php?data=MTY4MDE0ODA2MDI0MzcyMyZvbmVyb29tLWFkbWluJmNvcHlfbGluaw