Posts by wilkinson
Highlights of the 2024 Federal Budget
The 2024 Federal Budget (“Budget 2024”) was presented on April 16, 2024 (“Budget Day”) and introduced a number of tax and non-tax measures to address the rising cost of living in Canada. Non-tax measures include the introduction of a National Pharmacare Plan, a new Canada Disability Benefit, limitations and restrictions on bank fees and measures…
Read MoreTax Tips and Traps – 1st Quarter 2024
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Read MoreMandatory Electronic Payments to CRA
Effective January 1, 2024 the Canada Revenue Agency implemented a mandatory requirement that any payments over $10,000 must now be made electronically. This includes any payment made related to balances due for personal, corporate and Trust income tax, instalments, HST remittances, payroll remittances and any other payments made to the Receiver General of Canada. Electronic…
Read MoreChanges to T4/T4A Reporting
We are here to inform you of important new filing requirements that will affect all employers that prepare T4 or T4A slips. Requirement to Report Dental Benefits The Canadian Dental Care Plan (CDCP) was introduced in November 2022 and expanded in June 2023 to include more individuals. Currently only those aged 12 and under are…
Read MoreCongratulations Megan
Wilkinson & Company is proud to announce that Megan McKee passed the CFE, the final milestone in completing the academic requirements leading to the CPA designation. A national three-day exam, the CFE assesses CPA candidate competencies, including knowledge, professional judgment, and ethics. Megan is a valued member of the Kingston Wilkinson team. Congratulations Megan!
Read MoreEnhanced Trust Reporting Requirements May Affect You
New trust reporting requirements became effective on December 15, 2022 for all trusts with a taxation year ending after December 30, 2023. The enhanced reporting rules now require most trust arrangements to file tax returns or be subject to penalties. This includes bare trusts commonly used in real estate activities and many “in trust for”…
Read MoreTax Tips and Traps – 3rd Quarter 2023
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Read MoreClient Update – CRA Strikes During Tax Season!
Effective April 19th employees of the Canada Revenue Agency (CRA) have taken strike action, less than two weeks before the personal tax filing deadline for most Canadians. Please be aware that the CRA has indicated that they do not intend to extend the filing or payment deadlines for tax returns beyond the current May 1st deadline, or the June…
Read MoreTax Tips and Traps – 2nd Quarter 2023
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Read MoreTax Tips and Traps – 1st Quarter 2023
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