GST filing:
CRA has announced that if you are a GST/HST registrant with a reporting period that begins in 2024, you must file your returns electronically (except for charities and selected listed financial institutions). If you continue to file a paper return, CRA may charge you a penalty of $100 for the initial return not filed electronically, and $250 for each following return not filed electronically.
The CRA will waive the penalty if you:
• file monthly or quarterly and
• were not previously required to file electronically and
• are filing a GST/HST return for a filing period beginning on or after 1 January 2024 and before 1 April 2024.
ACTION: Know your Web Access Code which is required to netfile your GST/HST return. Sign up for the CRA MyBusiness Account so that you can authorize Rolfe Benson LLP as a level 2 “view and change” representative with CRA. We need to be authorized to be able to efile your GST/HST return.
Tax Installments Payment:
Have you made arrangements to pay your quarterly personal tax installment (due 15 September 2024 and 15 December 2024) or your next quarterly GST instalment (if applicable)? CRA interest rate on late tax payments remain at 9% for 2024 Q4.
• Deceased sole proprietors – To access CEBA-related resources and manage the loan on the deceased’s behalf, the executor must follow an executor validation process, including submitting a death certificate and a will to the CEBA program. The general CEBA call centre should be contacted to initiate the process.
ACTION: Ensure that a reasonable repayment schedule is established if satisfying the full outstanding CEBA loan immediately is problematic.
Visit our website to learn more about how to sign up for the CRA MyBusinessAccount.
