Posts by wilkinson
Mandatory 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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Read MoreBill 27: Working for Workers Act – Policy on Disconnecting from Work
Attention all business owners with a staff greater than 25, as of June 2, 2022. Bill 27: Working for Workers Act requires your company to have a policy on disconnecting from the workplace prepared. According to the Employment Standards Act, 2000 (ESA) disconnecting form work is defined as “not engaging in work-related communications, including emails,…
Read MoreCLIENT UPDATE – Federal Budget 2022
April 8, 2022 On April 7, 2022 (Budget Day) Finance Minister Chrystia Freeland announced the budget, “A Plan to Grow Our Economy and Make Life More Affordable” (Budget 2022). Budget 2022 projects a deficit for the 2022-2023 year of $52.8 billion. The deficit is projected to decline to less than $10 billion over five years.…
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