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Food Bank and new NPO reporting requirements

New NPO reporting requirements announced in 2024 Fall Economic Statement

Canadian tax / By

The federal government’s 2024 Fall Economic Statement is proposing significant changes to reporting requirements for non-profit organizations (NPO) in Canada. Currently, a non-profit organization must file an annual information return with the Canada Revenue Agency if any one of the following three conditions are met: Total passive income (interest, dividends, rents, royalties) exceeds $10,000 in …

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Dentist and patient discussing Canadian Dental Care Plan

Employers have new T4/T4A reporting requirements for the Canadian Dental Care Plan

Leave a Comment / Canadian tax / By

The new Canadian Dental Care Plan is designed to provide dental coverage for individuals who have family income of less than $90,000 and do not have access to coverage from other sources, such as a workplace dental plan. To help identify individuals who do not have workplace coverage, employers and other issuers of T4/T4A slips …

Employers have new T4/T4A reporting requirements for the Canadian Dental Care Plan Read More »

Accountant doing trust reporting to Canada Revenue Agency

New trust reporting rules apply to trusts wound up in 2023

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The federal government’s new trust reporting rules and failure to comply penalties apply to most inter-vivos trusts for taxation years ending on or after December 31, 2023. In the case of trusts that no longer serve a useful purpose, some trustees may believe they can avoid these new rules by distributing all assets to beneficiaries …

New trust reporting rules apply to trusts wound up in 2023 Read More »

Canada Revenue Agency tax form with amount owing of more than $10,000

Changes coming to tax payments to Canada Revenue Agency of more than $10,000

Leave a Comment / Canadian tax / By

Starting January 1, 2024, taxpayers will be required to remit tax payments over $10,000 to the Canada Revenue Agency electronically or be assessed a penalty of $100 per payment. There are several electronic options available. Most Canadian banks provide a full range of electronic payment options to CRA, including personal tax, corporate tax, payroll, GST/HST, …

Changes coming to tax payments to Canada Revenue Agency of more than $10,000 Read More »

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Understanding the new 1 per cent Underused Housing Tax

Leave a Comment / Canadian tax / By

The Underused Housing Tax (“UHT”) imposes a mandatory tax return filing obligation and potential tax liability on most owners of Canadian residential properties.  A residential property generally refers to a detached house, duplex, triplex, semi-detached house, rowhouse unit, residential condominium unit or other similar premises containing a private kitchen, bath and living area.  An owner of …

Understanding the new 1 per cent Underused Housing Tax Read More »

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