CRA Updates Jason Smith CRA Updates Jason Smith

You’ve got questions and we’ve got answers! Here are answers to seven of the top business tax information questions 

Question 1: What are some of the 2024 tax changes that could affect my business?

Last year, there were many announcements for businesses that took effect as of January 1, 2024. These include:

  • Changes to mandatory electronic filing thresholds

  • Changes to electronic filing for GST/HST registrants

  • New reporting requirements for trusts

To help you understand these and other changes, we’ve pulled together a quick reference tax tip that covers what you need to know. Please check out the reference tax tip here: Here are the top changes this year that will affect business taxes in 2024.

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CRA Updates Jason Smith CRA Updates Jason Smith

Filing your T2 return electronically using certified software

The Canada Revenue Agency (CRA) is focused on making it simpler for you to find the information you need to file your taxes on time and to manage your tax affairs. Filing tax returns on paper always takes more time than filing electronically so why not join the over 90% of corporations that already file their returns electronically?

By filing electronically, corporations receive immediate confirmation that the CRA has received their return, enjoy faster processing and refunds, save on mailing costs, and help the environment by using less paper.

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CRA Updates Jason Smith CRA Updates Jason Smith

You’ve got questions and we’ve got answers! Here are answers to five of the top business tax information questions.

You’ve got questions and we’ve got answers! Here are answers to five of the top business tax information questions.

  • How do I register for My Business Account?

  • How do I authorize a representative for my business?

  • How do I access CRA’s online services for businesses?

  • How do I make payments to the CRA?

  • How do I file GST/HST using GST/HST NETFILE?

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