Businesses – Tax information newsletter, Edition 2024-01 – March 4, 2024

Important: Are you affected by the change to GST/HST electronic filing requirements?

For GST/HST reporting periods that begin in 2024, all GST/HST registrants, except for charities and selected financial institutions, will be required to file returns electronically. If this change applies to you, there will be penalties for not filing electronically. Note that if you file monthly or quarterly the penalties will be waived until April 2024. 

For more information, visit Businesses: Are you affected by the change to GST/HST electronic filing requirements? 

Tax planning made simple: Key filing and payment deadlines for businesses

Effective tax planning is all about timing. Whether it’s filing returns or making payments, understanding these deadlines can save you from unwanted stress. Whether you are a seasoned business owner or just starting, knowledge is power. Here is a quick reference with important dates you need to know this year!

Are you conducting R&D work in Canada? We want to hear from you!

The Scientific Research & Experimental Development (SR&ED) Tax Incentive Program is the largest Government of Canada program supporting research and development (R&D) in Canada, providing more than $3.4 billion in tax credits to over 17,000 businesses annually. 

To enhance support for innovative Canadian businesses, the government is reviewing the SR&ED program. The Department of Finance has launched public consultations on cost-neutral ways to modernize and improve the program, and on the suitability of creating a patent box regime, to encourage the development and retention of intellectual property stemming from R&D work.

All Canadians and stakeholders are invited to share feedback by emailing SRED-PB-RSDE-RPB@fin.gc.ca by April 15, 2024, with either “SR&ED Review” or “Patent Box” as the subject line.

Reminder: New reporting requirements for trusts 

The Government of Canada has introduced new reporting requirements for trusts. Affected trusts will be required to file an annual T3 Trust income tax and information return (T3 Return), including a Schedule 15, Beneficial Ownership Information of a Trust, if applicable, with the CRA for tax years ending after December 30, 2023. 

These new reporting requirements are part of Canada’s international commitment to the transparency of beneficial ownership information, as well as its continuous efforts to maintain the effectiveness and integrity of the Canadian tax system. 

For more information on these new requirements, including information for bare trusts that may be filing for the first time, please refer to our frequently asked questions.

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