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The Bare Facts on The New Bare Trust Reporting Requirements
March 2025 UPDATE: For the 2024 tax year, bare trusts are not required to file a T3 return and Schedule 15 unless the CRA makes a direct request for these filings. This is a continuation of the exemption from the trust reporting requirements that was issued for bare
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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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Surplus Accounts and Foreign Affiliate Tax Traps
Canadian corporations with subsidiaries in other countries (a “foreign affiliate”) could find themselves facing a nasty surprise tax bill from the Canada Revenue Agency (“CRA”) when they transfer funds back to Canada. Aside from being located outside of Canada,
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Window Closing on Immediate Expensing Tax Incentive Program
The ‘Immediate Expensing’ tax incentive program offered by the Federal Government is coming to an end on December 31st. To help ensure that you’re making the most of this incentive, it is essential to understand the concept of immediate expensing and the
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Business Overhead Costs: When and Where to Cut When Sales are Slowing
While talk of a recession in Canada has waned in recent months, many small and mid-sized businesses are experiencing increasingly challenging economic conditions. In its most recent report on the state of the small business economy in Canada, accounting software
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CRA Interest Rates: The Growing Cost of Late Tax Payments
UPDATE: Effective July 1, 2025, the CRA’s interest rate on overdue taxes will decrease to 7%. The lower rate will apply to all outstanding balances, but only for interest accrued on or after that date. Any interest charged for periods before July 1 will remain at the
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