Taxpayer relief for Canadians affected by wildfires in British Columbia and the Northwest Territories
The wildfires in British Columbia (BC) and the Northwest Territories (NWT), have had a devastating impact on many Canadians and businesses residing in the area. The Canada Revenue Agency (CRA) understands that at this time, the safety and well-being of loved ones is the primary concern for those affected. The CRA would like to assure Canadians facing such extraordinary circumstances that they will be treated fairly if they are unable to meet their tax obligations during this time.
Businesses: Beginning January 1, 2024, if you file six or more information returns you must file them electronically to avoid penalties
Recent legislation has amended mandatory electronic filing thresholds. Beginning January 1, 2024, businesses filing six or more information returns (slips and summaries) must file electronically. This removes the clause that allowed a filer with 50 or fewer information returns to file by paper. Businesses filing five or fewer information returns can still choose to file by paper.
Examples of information returns include the T4 payroll return (renumeration paid), T5 (investment income), T3 (trust income) and T4A (pension and other income return).