Azure Taxes, Chartered Professional Accountant

Efilling for corporation is mandatory even if there is no revenue, assets, or activity.
Paper filling=$1,000 penality!

Ensure your spouse is successor holder on your TFSA account not the beneficiary!

Important CRA Trust Reporting Changes

Very good article which helps in identifying Bare Trust and new T3 reporting requirements.

Basic Guide on Bare Trusts for Canadian Taxpayers For 2023 and the following taxation years, trustees of the so-called “bare trusts” must file a T3 tax return in Canada or face penalties and/or other unfavourable tax implications. The deadline for the first tax returns prepared under the new rules is approaching fast (April 2, 2024).

Increase in EI and CPP premiums starting new year

Pay cheque pain: Your take-home income will decrease next month due to a tax hike | Canada Here's what's in store for 2024💸

CRA intends to access the $5-10k penalty for not filing UHT (underused housing tax) return even where no tax is due.

Corporate registered owners of residential property should ensure to file it.

CRA offers no relief on stiff penalties for late-filing UHT returns | Investment Executive Tax agency releases underused housing tax self-assessment tool

Paying rent to Non-resident: it is renter's responsibility to know that owner is non-resident, pay only 75% to the owner and 25% to CRA. It is not an option, it is requirement.

Back to school, remember clothing and shoes for kids under 15 are PST exempt. If you are buying adult size for them then need to advise to cashier and Sumit following for online shopping.

Adobe Acrobat - fin-425-certificate-exemption-childrens-clothing-footwear(1).pdf Click or tap to view this file.

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