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

Businesses: 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, are required to file returns electronically.

The mandatory electronic filing threshold that was in place for GST/HST returns has been removed for reporting periods that begin on or after January 1, 2024, which means that electronic filing is now required for most businesses.

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