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.

The Canada Revenue Agency (CRA) provides the Disability Tax Credit (DTC) for eligible taxpayers that are affected by a variety of medical conditions and situations that require more time to complete daily functions than on average.

The CRA instalment interest has increased to 8%. This makes it even more important for instalments and taxes owing to be paid on time.

The deadline to file your tax return this year will be May 1, 2023. For our current clients, our offices have sent out more information to you to prepare for the coming tax season. You can also find some useful information under our ‘Resources’ and ‘FAQ’ tabs.

Key highlights of the new Canada Dental Benefit program are that families with a household income under $90,000 may be eligible for direct payments from CRA, two payments per eligible child are available, and applications are being accepted as of December 1, 2022.

The government has proposed the introduction of the Tax-Free First Home Savings Account (FHSA). This new registered plan would give prospective first-time home buyers the ability to save $40,000 on a tax-free basis.

Canada Revenue Agency has outlined changes to the Climate Action Incentive (CAI) for the upcoming year, under the Pollution Pricing system.

The one-time top-up to the Canada Housing Benefit aims to help low-income renters with the cost of renting. You may be eligible for a tax-free one-time payment of $500 if your income and the amount that you pay on rent qualify.