Businesses – Tax information newsletter Issue 2016-02

June 21, 2016

1. GST/HST NETFILE and T2 EFILE users: Get your tax correspondence online—instead of in the mail!

Now, when you file a return using GST/HST NETFILE  or certified T2 EFILE software, you can sign up for online mail. It's the fast, easy, and secure way to manage your correspondence!

2. Changes affecting your GST/HST return

As of May 16, 2016 changes were made to the way your business can report different types of income on line 101 of the GST34-3, Goods and Services Tax/Harmonized Sales Tax (GST/HST) electronic return.

3. Does your business have tax debt? Don't panic. You have options.

Does your business owe taxes to the Canada Revenue Agency? Ignoring your tax debt isn't the best strategy. Avoiding payment could result in financial and legal consequences for you and your business. Instead of avoiding a payment, check out the video "Keeping Your Business on Track" to find a better option.

4. New simplified reporting of grandparented housing sales

Under the proposed changes in the 2016 Federal Budget, the special reporting requirements of grandparented housing sales for builders have been simplified. Using this new simplified reporting provides builders with an opportunity to correct past misreporting and avoid potential penalties.

5. My Business Account is now easier to use and has a brand new look!

With the latest improvements to My Business Account, seeing your business correspondence online, updating your address, or sending an enquiry to the CRA is now even easier. To try it for yourself, log in or register for My Business Account  today!


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