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March 28, 2024 Article

The Bare Facts on The New Bare Trust Reporting Requirements

BREAKING: Relief for Taxpayers as CRA Cancels Bare Trust Filing Requirements for 2023. CRA announced on March 28, 2024, that Bare Trusts will not be required to file a return in in 2023. Their news release stated: The news release states “in recognition that the
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February 7, 2024 Article

New Reporting Requirements For Trusts

Each tax season brings the enforcement of tax changes announced in the previous year. This year, while there were no changes to the income tax treatment of trusts, there are significant additional reporting requirements for trusts with a fiscal year ending on or after
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Close up of pen filing in dollar amount on cheque
January 19, 2024 Article

CRA Imposes Penalty for Cheques

If writing a cheque is your preferred method of paying CRA, you might want to rethink that approach if you owe the government $10,000 or more. In an effort to encourage more electronic payments, CRA will soon be imposing a penalty of $100 for all payments of $10,000 or
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A concept image of car maintenance costs with keys, wrench, calculator and coins on financial spreadsheet
January 15, 2024 Article

DOs and DON’Ts of Claiming Car Expenses for Business Owners

Vehicle expenses. It is one simple line on a tax return, but it can cause all sorts of problems if CRA decides to take a closer look.
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January 10, 2024 Expanding your business

Applications Open for the 2024 Fastest Growing Companies Awards

GGFL is thrilled to be partnering with the Ottawa Business Journal again this year to present the 2024 Fastest Growing Companies awards. This is your chance to be recognized for substantial, sustainable and profitable growth. Eligible companies must be headquartered in
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House model, money and wooden blocks with text
December 11, 2023 Article

Changes Coming to Underused Housing Tax – List of Exemptions

As part of its Fall Economic Update, the federal government introduced several important changes to the still new Underused Housing Tax (UHT). When the draft amendments are passed, it will have a significant impact on who is required to file annual UHT returns.
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