Author name: Glen MacMillan

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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

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 …

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Accountant doing trust reporting to Canada Revenue Agency

New trust reporting rules apply to trusts wound up in 2023

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 …

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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

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, …

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Toronto Skyline

Understanding the new 1 per cent Underused Housing Tax

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 …

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