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Canadian tax

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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children's building toys exempt from HST

Potential HST holiday compliance pitfalls for small businesses

Canadian tax / By

With the hectic holiday season upon them, businesses across Canada have a new administrative task to manage in the coming days: accounting for the federal government’s HST holiday (see the government announcement for the full details and implementation guidelines). The measure—which has now received royal assent and will be in effect between December 14th, 2024 …

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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

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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

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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 …

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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

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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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