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.

If you have not filed your GST/HST returns, any refund or rebate you are entitled to will be held until we receive your required returns. This includes your T2 corporation income tax refund if you are a corporation, and your T1 personal income tax refund if you are a sole proprietor or partnership.

Please find here our 2024 Federal Budget commentary.

Please contact our offices if you have any questions.

Please find attached our memo about our Whitecourt office move, effective March 4, 2024, to a new location only a few blocks directly east of our current location, located at at 4927 - 51 Ave, Whitecourt, T7S 1N5

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:

As the Digital and E-commerce economy becomes a larger and larger part of our lives, it is important to remember that the same information be kept for purchases made for business purposes.

From everyone here at Reschke Fritz LLP Chartered Professional Accountants, we are wishing you a Happy New Year.

Our year end tax planning newsletter