Starting spring 2025, the Canada Revenue Agency (CRA) will transition to online mail as the default method of delivering most business correspondence. This means you’ll start receiving most of your business notices and other correspondence through CRA’s secure online portal in your Business account, instead of in the mail.
Applications for 2025 under Year 3 of the Resilient Agricultural Landscape Program (RALP) are set to open on February 3, 2025.
This program is offered through the Sustainable Canadian Agricultural Partnership (Sustainable CAP). The objective is to increase the environmental resiliency of agricultural landscapes by accelerating adoption of beneficial management practices that maximize carbon sequestration and enhanced climate resilience.
GH&A is rounding out the 2024 year with our annual Christmas Letter and we would like to take this opportunity to wish our clients and their families Happy Holidays and all the best in the new year!
This year’s edition of the Christmas Letter, as in years past, will be our opportunity to communicate some important developments in personal and corporate tax along with important tools and tips to help manage your business and accounting needs. We will also advise on some staff announcements and community involvement that our firm is happy to highlight.
The Livestock Tax Deferral Provision allows for a portion of sales proceeds to be deferred to the following year, where producers in prescribed regions sell breeding stock due to drought.
If your net tax owing is more than $3,000 for 2024 you may be required to pay your tax in instalments. The requirement to make instalment payments can apply to both individuals and corporations depending on your specific circumstances.
On Thursday, March 28th, the Canada Revenue Agency released a statement indicating that it 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.