CRA lists down the changes
The Canada Revenue Agency (CRA) has put together the announcements regarding the changes in the Canada Pension Plan (CPP) which will be affecting the taxes of businesses in 2024.
According to the CRA, the recent legislation made changes to mandatory electronic filing thresholds which amended it for certain information returns like slips and summaries which includes T4 payroll return, T5, T3, and T4A. Starting on January 1, 2024, businesses will need to file information returns electronically if they will be filing six or more in order to avoid penalties. Issuers can now also distribute T4A and T5 slips more easily.
Those who will be filing returns for GST/HST reporting periods that begin in 2024 such as all GST/HST registrants except for charities and selected financial institutions will need to do so electronically.
When it comes to the Canadian Dental Care Plan (CDCP), dental coverage will be provided for uninsured Canadians who has an adjusted family net income that is less than $90,000. There will be new reporting requirements that begin with the 2023 tax year for issuers of the T4 Statement of Remuneration Paid and T4A Statement of Pension, Retirement, Annuity, and Other Income.
New reporting requirements for trusts were also introduced with affected trusts being required to file an annual T3 Trust income tax and information return which includes a Schedule 15, Beneficial Ownership Information of a Trust, if it is applicable, with the CRA for the tax years ending after December 30, 2023.
There is also a new administrative policy by the CRA about province of employment (POE) that will come into effect on January 1, 2024. If there was an agreement of a full-time remote work agreement, an employee will be considered as reporting to work at an establishment of the employer if it is possible to reasonably consider them as attached to an establishment of the employer.
The CRA also digitized the Special Elections and Returns (SERs) forms which will let taxpayers electronically file using Submit Docs or certified software.
