The Government of Canada has released an updated guide to general books and records requirements, to help determine what must be kept.

The government is moving forward with the proposal to deliver tax relief for Canadians by reducing the lowest marginal personal income tax rate from 15 per cent to 14 per cent, effective July 1, 2025.

The Government of Canada announced a postponement of the Trust Filing requirements for Bare Trusts to the 2025 taxation year, with a next expected filing deadline of March 31, 2026.

Interest will also be waived on new and existing GST/HST and T2 instalment and arrears payments due between April 2 and June 30, 2025. Interest will resume on July 1, 2025.

Click HERE to read our 2025 Quarter 2 newsletter. Please contact our offices if you have any questions.

Click HERE to read our 2025 Quarter 1 newsletter. Please contact our offices if you have any questions.

Please read our 2024 Quarter 4 newsletter. Please contact our offices if you have any questions.

Please read our 2024 Quarter 3 newsletter. Please contact our offices if you have any questions.

Click HERE to read our 2024 Quarter 2 newsletter. Please contact our offices if you have any questions.

On March 28, 2024, Canada Revenue Agency announced that Bare Trusts under the new rules were exempt from filing (were originally due for filing March 30, 2024). The filing requirements for the following taxation year are unknown at this time.

In May 2024, the CRA will begin issuing annual “Available Payments Summary” letters to taxpayers who have available payments on their account. Taxpayers who are signed up for e-notifications will receive an email notification of the letter. Taxpayers and their authorized representatives can view these letters through the Agency’s secure portals.

Please find here our 2024 Federal Budget commentary.

Please contact our offices if you have any questions.

As of January 1, 2024, tax preparers filing more than five returns of the same type need to use EFILE. Mandatory electronic filing (MEF) applies to the filing of T1 personal income tax and benefit returns, T2 Corporation income tax returns and T3 trust returns.

Beginning in taxation year 2023, issuers of T4 and T4A Slips must report whether, on December 31st of the taxation year to which the information return relates, a payee or any of their family members were eligible to access dental insurance, or dental coverage of any kind, including health spending and wellness accounts, due to their current or former employment.

This is a new Reporting that is effective for Trusts that have a year ended December 31, 2023 going forward.

Please read our 2024 Quarter 1 newsletter.

Please contact our offices if you have any questions.

Please find here an article from CRA that highlights some of their big changes to look for in 2024. The two arguably largest in the list to look out for are:

There has been an extension to repay the CEBA loan, from December 31, 2023, to January 18, 2024.

There has been an extension to repay the CEBA loan, from December 31, 2023, to January 18, 2024.

A registered education savings plan (RESP) is a contract between an individual (the subscriber) and a person or organization (the promoter). This is typically a bank or credit union.