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New Year. New Business Tax Changes.
Successfully managing your business taxes is vital to ensuring financial success for you and your employees. Just when you think you have it all under control, they go and change the rules again.
Here are the top-4 changes to be aware of for your business in 2024:
Canada Pension Plan
With new maximum pensionable earnings, the introduction of a second CPP rate above the maximum pensionable earnings amount, and new T4 boxes for both CPP and Quebec Pension Plan (QCC), make sure you know your numbers now to avoid issues later.
For those employees who are above the previous threshold, it’s best to make them aware of this change now, so they aren’t surprised when they move to the new rate later in the year.
Mandatory Electronic Thresholds
If your business files more than 6 information returns (T4, T5, T3, and/or T4A), you’ll need to file them electronically to avoid penalties.
Electronic Filing for GST/HST Registrants
Except for charities and select financial institutions, all GST/HST registrants will now need to file their returns electronically.
Reporting Requirements for the Canadian Dental Care Plan
The CDCP ensures that all uninsured Canadians who don’t earn more than $90,000 a year receive basic dental care. Issuers of T4 or T4As must now report whether a payee or any of their family members were eligible for any dental coverage on December 31 of the taxation year in question due to their employment.
Even for the most seasoned accountant, all the changes to the tax code can seem daunting. By staying on top of the changes, you’ll avoid running into any trouble come tax time next year.
Get help managing your business’ tax changes. We specialize in customized accounting, auditing and all things taxation — Call us today at 780.461.3800.
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