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APRIL 30th, 2024 IS FAST APPROACHING  
Last day to bring your information for a guaranteed completion by the filing deadline is April 16, 2024.
Don’t forget to check the checklists to ensure you have all documents and receipts for your filing! If you require a different checklist, please click here.
 
 
Call for an appointment today.
DID YOU KNOW? There are new reporting rules aimed at providing more transparency on beneficial ownership of assets.  Trusts that previously didn’t need to file are now required to file a trust tax return, also known as a T3 return.  The rules have been expanded to include cases where a trust acts as an agent for its beneficiaries, commonly known as a Bare Trust. 

Late Breaking - Bare Trust Reporting Exemption!

“To support ongoing efforts to ensure the effectiveness and integrity of Canada’s tax system, the Government of Canada introduced new reporting requirements for trusts.

 

In recognition that the new reporting requirements for bare trusts have had an unintended impact on Canadians, the Canada Revenue Agency (CRA) will not require bare trusts to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust), for the 2023 tax year, unless the CRA makes a direct request for these filings.

 

Over the coming months, the CRA will work with the Department of Finance to further clarify its guidance on this filing requirement. The CRA will communicate with Canadians as further information becomes available.”

 

For more information, see CRA’s Tax Tip .

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THE TIME HAS COME...

The federal government is requiring that all business owners in Canada have a MyBusiness Account to be able to perform many functions associated with their tax accounts. Trusted professional advisors used to be able to act on your behalf in almost all situations but this is no longer the case without your online consent. Do not delay, sign up today!

MyBusiness Account at the Canada Revenue Agency

We can help with:

~ Business decisions   ~ Corporate income tax   

~ Compilation financial information  ~ Payroll  ~ GST/HST

~ Personal income tax   ~ QuickBooks desktop   ~ Xero  ~ Bookkeeping

We talk to the Canada Revenue Agency so you don't have to and that gives you peace of mind. Call for an appointment today.

Offering audit insurance to our clients for professional fees related to Canada Revenue Agency audit and examination.

Offering in-person service

However you may also want to take advantage of:

  • Virtual meetings via phone or Teams if it is more convenient for you

  • Remote desktop support and assistance

What we ask of you:

  • Stay home if you are sick and call to re-book your appointment

                                          

 Are you a U.S. Citizen?  Make sure you file your U.S. tax returns by the deadline. 

We recommend an excellent local firm to assist with your US tax filings.

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