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Consequences of Not Filing Business Tax Returns in Canada

Last updated: Jun. 18, 2024 
Every small business owner in Canada must file an annual tax return. However, not everyone fulfills this obligation, which can lead to serious consequences. The Canadian tax system, governed by the Income Tax Act, imposes strict penalties on those who fail to comply with tax filing requirements. This includes not filing … Read more

Do I have to make tax instalment payments?

woman at desk with calculator

Last updated: May. 7, 2024 
Unfortunately, when it comes to instalment payments, the answer to this question is not so cut and dry. Installment payments are typically calculated using your previous years’ net taxing owing. If your net tax owing was more than $3,000 ($1,800 for Quebec) for 2022, and in either 2021 or 2020, then … Read more

Your Guide to 2024 Tax Dates, Rates and Numbers in Canada

essential tax dates Canada working at desk with planner

Last updated: Apr. 29, 2024 
Filing a return that is accurate and on time is the best way to avoid tax penalties and over-payment. With that in mind, below is a list of key dates and tax numbers to help you with your tax return. Canada’s tax filing and payment deadlines *If you are paying tax … Read more

2024 Canadian Corporate Tax Rates and Deadlines

2023 corp tax rates canada

Last updated: Apr. 29, 2024 
As we wind down another challenging year of dealing with historic inflation, the last thing you want to think about is taxes. However, with profit margins tighter than ever, this is exactly the right time to take steps to minimize your tax burden. For incorporated businesses, this starts with understanding your … Read more

Federal Budget 2024 Highlights

Canada federal budget highlights

Last updated: Apr. 26, 2024 
Federal Budget 2024 Highlights On April 16, 2024, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, tabled the federal government’s budget ⁠titled⁠ “Fairness for Every Generation.” The Budget is anticipated to result in a deficit of $39.8 billion 2024 – 2025 budget year, and $38.9 billion for 2025 – 2026. Here we … Read more

Ontario Budget 2024 Highlights

Last updated: Apr. 18, 2024 
Ontario Budget 2024 Highlights On March 26, 2024, the Ontario Provincial Budget was released by Finance Minister Peter Behlenfalvy. The Budget is anticipated to result in deficit of $3 billion for 2023 – 2024, $9.8 billion for the 2024-2025 budget year, and $4.6 billion for the 2025-2026 year. No corporate or … Read more

Saskatchewan Budget 2024 Highlights

saskatchewan legislature

Last updated: Apr. 1, 2024 
Saskatchewan Budget 2024 Highlights The 2024 Saskatchewan Budget was delivered by Finance Minister Donna Harpauer, on March 20, 2024. The Budget is anticipated to result in a deficit of $273.2 million for the 2024 – 2025 fiscal year. Here we’ll provide a summary of key highlights of Saskatchewan’s 2024 Provincial Budget. … Read more

New Trust Reporting and Filing Rules in Canada

trust filing and reporting rules canada

Last updated: Mar. 28, 2024 
Canada Revenue Agency Update, Effective March 28, 2024 In an update released March 28, 2024 the Canada Revenue Agency (CRA) has announced that bare trusts will not be required to submit a T3 Income Tax and Information Return along with a Schedule 15 (Beneficial Ownership Information of a Trust) for the … Read more

Alberta Budget 2024 Highlights

Last updated: Mar. 28, 2024 
Alberta Budget 2024 Highlights The 2024 Alberta Budget was delivered by Finance Minister Nate Horner, on February 29, 2024. The Budget is anticipated to result in surpluses of $5.2 billion for 2023 – 2024, then $367 million in the 2024 – 2025 fiscal year, and $1.4 billion in the following year. … Read more