Businesses – Tax information newsletter, Edition 2018-01

April 30, 2018

1. Important Information Regarding Goods and Services Tax/Harmonized Sales Tax (GST/HST) Returns

Are you part of the 10% of GST/HST registrants that still file your GST/HST returns on paper? Starting on May 14, 2018, the Canada Revenue Agency (CRA) will be changing the GST34-2, Goods and Services Tax/Harmonized Sales Tax (GST/HST) Return for Registrants, to a new, streamlined filing package.

Previously, if you filed GST/HST returns monthly or quarterly by paper, you would receive your returns 12 or 4 times a year, respectively. With this new process, the documents required will be mailed together in one convenient package. This package will be sent before your first return is due.

Your filing and payment due dates will remain the same.

Visit Changes affecting your GST/HST return for more information.

2. Stay on top of your business accounts with the Canada Revenue Agency's (CRA) BizApp

CRA BizApp is a new mobile web app that is here to help you with your business accounts, whether you're at home or on the go.

Use the app to check your outstanding balance and safely make payments by pre-authorized debit for corporation, goods and services tax / harmonized sales tax (GST/HST), payroll, and excise duty accounts. You can also securely view account transactions, your expected GST/HST returns, and the status of your filed GST/HST and corporation income tax returns.

You can access CRA BizApp from your mobile device at your convenience. It's fast, easy, and secure!

Please visit canada.ca/cra-biz-app for more information or to register today!

3. The Canada Revenue Agency’s payroll podcast Episode 8: Small business deduction – Defining active business

Learn more about the small business deduction in the eighth episode of the Canada Revenue Agency’s payroll podcast series for employers and the payroll community.

In this episode, we finish our two-part conversation on the small business deduction, this time discussing the differences between active business income and income from a specified investment business or a personal services business.

You can listen to the podcast on:

If you have questions, feedback, or suggestions for future topics related to the podcast, email us at podcast@cra-arc.gc.ca.

4. Changes Coming to the Canada Pension Plan

Starting in January 2019, Canadians will begin contributing towards an enhanced Canada Pension Plan (CPP). At that time, you and your employees will begin making slightly higher contributions to the CPP. These will gradually increase each year for the next seven years.

Will this mean a lot of extra administrative work? Not at all. You will withhold and report enhanced contributions in the same way you do now for the base CPP.

Amended T4127 payroll deduction formulas will be published online by the CRA on November 15, 2018, with amended T4032 & T4008 payroll deductions tables following on December 18, 2018. See Payroll deductions and contributions to download copies when they are ready.


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