Reminder: Changes to the electronic filing of information returns are coming in January 2025
Starting January 2025, there will be updates to how information returns are filed electronically. If you file information returns, such as the T3 (trust income), T4 (remuneration paid), T4A (pension and other income), or T5 (investment income), here are some important changes you need to be aware of…
Get ready: By January 2025 there will be changes to the electronic filing of information returns
What is changing starting January 2025:
T619 electronic transmittal
Submitting one information return type per file
Early system shutdown notification, 2024
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.
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.
Businesses: Here are the top changes this year that will affect business taxes in 2024
This year, there have been many announcements about changes that will affect business taxes in 2024. We have pulled them together here for quick reference, along with a list of resources that can help you manage these changes and your tax affairs in the new year.