June 12th, 2024
New Legislation Released Increasing the Capital Gains Inclusion Rate in Canada
On June 10, 2024, a Notice of Ways and Means Motion was released to amend the Income Tax Act to increase in capital gains inclusion rate.
Posted on June 10th, 2024 in Domestic Tax
For reporting periods that begin in 2024 and onwards, GST/HST registrants (except charities and selected financial institutions) must file all GST/HST returns with CRA electronically. Registrants who file their GST/HST returns on paper are subject to a penalty of $100 for the first offense and $250 for each subsequent return not filed electronically. While CRA waived these penalties for monthly and quarterly filers who failed to file returns electronically for periods beginning before March 31, 2024, the relief will end shortly.
Ensure that GST/HST returns are properly filed electronically to avoid these penalties.
Article originally published in: Tax Tips & Traps 2024 Second Quarter – Issue 146.
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