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Businesses – Tax Information Newsletter, Edition 2023-03

08/08/2023|Kleero|

New GST/HST Information for Certain Insurance Intermediaries

Are you a managing general agent, third party administrator, or a managing general underwriter providing services for insurers? The Canada Revenue Agency (CRA) recently published information on the application of the GST/HST to supplies made to an insurer (or to another person that has an agreement with an insurer) by certain insurance intermediaries. If you have suggestions to improve this publication, the CRA would like to hear from you. Please submit your comments by October 31, 2023.

Did You Know? Electronic Filing of Special Elections and Returns is Now Available

The CRA is digitizing the Special Elections and Returns (SERs) forms which will now allow taxpayers to file these requests electronically using Submit Docs or certified software. Those that are currently online in their new format include the T217, T2 Schedule 89, T2054, T2057, T2058 and T2059.

To ensure requests are processed in a timely manner, we strongly encourage taxpayers to use these new updated forms. Using the old forms may cause delays in processing your election and we may need to contact you to request additional information. You can refer to this tax tip on the electronic filing of Special Elections and Returns for more information.

New Reporting Requirements for Trusts Coming for 2024

Reporting requirements are changing to make trusts more transparent and to reduce tax avoidance. Affected trusts will now need to report the identity of all trust beneficiaries.

Affected trusts must complete an annual T3 Trust income tax and information return (T3 return) and Schedule 15 for taxation years ending after December 30, 2023. If you do not file an annual T3 return and you are required to, financial penalties may apply.

For more information, visit How to file a T3 return – Canada.ca.

Use the Summer Months to Catch Up on Any CRA Webinars You May Have Missed!

We recently added our May 31st webinar: Canada Pension Plan Enhancement: Second CPP Contribution to Canada.ca. All of our Business-related webinar productions are available on the Canada.ca Business video gallery page. Get caught up this summer!

Find Out if Your Business is Eligible for One of the CRA’s Film and Media Tax Credits

From film productions, television series and computer animations to visual effects activities, interactive digital media and more, the CRA’s Film and Media Tax Credits Program helps support Canada’s vibrant creative sector! To learn more about the various federal and provincial (British Columbia, Manitoba, Ontario) tax credits that we co-administer and to find out if your corporation may be eligible, visit our Film and Media Tax Credit web page today.

Ontario Businesses: Pay Your WSIB Premiums Through Your CRA My Business Account

Beginning in July, the CRA and the Workplace Safety and Insurance Board (WSIB) started offering Ontario businesses an new option to pay their WSIB premiums. Ontario businesses with a business number can now take advantage of this quick and secure service to easily report their insurable earnings and make WSIB account payments using pre-authorized debit through their CRA My Business Account.

Ontario businesses that do not have a CRA My Business Account and wish to use this service to pay their WSIB premiums can register through CRA My Business Account.

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