Businesses – Tax information newsletter, Edition 2023-04 – October 19, 2023

It’s Small Business Week 2023 – check out the CRA’s information and resources that are tailored to the needs of entrepreneurs

This Small Business Week, the Canada Revenue Agency (CRA) is celebrating the passion and impact of Canada’s entrepreneurs, cornerstones of our neighbourhoods and communities. We know how busy you are. We also know that the easier it is to file your business taxes, the less time you have to spend on them. That is our goal: we want businesses to have the services they need to file their taxes easily and quickly.

As you take this time to connect, learn and grow your business smarts, check out our business services that can help you meet your tax obligations.

Update for CEBA loan holders

If you're among the eligible Canada Emergency Business Account (CEBA) loan holders in good standing, the CRA wants to remind you that the repayment deadline to qualify for partial loan forgiveness has been extended. You now have until January 18, 2024, to take advantage of this opportunity.

We know that navigating these programs can be confusing, and you may have questions about the CEBA program, timelines, or your eligibility. You can visit the CEBA website for more information or, if you prefer speaking with someone, don't hesitate to call the CEBA Call Centre at 1-888-324-4201.

Businesses: Check out the CRA’s new online self-assessment tool on Canada.ca!

The Underused Housing Tax (UHT) is an annual 1% tax on vacant or underused housing in Canada. The UHT generally applies to foreign owners of housing in Canada, but it’s important to note that some Canadian businesses—such as certain corporations that own housing in Canada—may be affected owners. If you are an affected owner, you must file an annual return.

The CRA has published a new online self-assessment tool to help you find information related to your specific ownership conditions, including links to information about exemptions that you may qualify for.

Heads up! New CPP and QPP boxes on the T4 slip:

• Box 16A: employee’s Second Additional CPP Contributions (CPP2)
• Box 17A: employee’s Second Additional QPP Contributions (QPP2)

New boxes have been added to the T4 slip for recording second additional CPP and QPP contributions that begin in 2024. After January 1, 2024, any employee who contributes to the CPP or QPP will make CPP2 or QPP2 contributions if and when their annual income surpasses the first earnings ceiling, the Year’s Maximum Pensionable Earnings (YMPE). Employers will make a matching CPP2 or QPP2 contribution.

CPP2 and QPP2 reporting obligations in boxes 16A and 17A start for T4 slips issued for the 2024 tax year.

Boxes 16A and 17A should be left blank for T4 slips issued for the 2023 tax year and in any subsequent year when an employee does not make any CPP2 or QPP2 contributions.

The YMPE for 2024 will be made available at the beginning of November 2023.

For more information, please visit the following page on Canada.ca: New CPP and QPP boxes on the T4 slip.

Protect your CRA business information online

As a business owner, it is important to know who your authorized representatives are and what information they can view and access. Log in to your My Business Account regularly and review your representative’s scope of authorization and level of access that you give them. This ensures the representatives you have authorized are most up to date.

For more information, visit Authorize a representative: Overview - Canada.ca

Don’t let your old digital devices go to waste

Imagine your old phone, tablet or computer adding to the waste in landfills. That’s unfortunately the fate of most electronic devices. But it doesn’t have to be!

For over 30 years, Computers For Schools Plus has been extending the useful life of electronic equipment by accepting device donations from individuals and businesses. By donating, you not only provide digital equipment to those who need it, you’re also helping the environment. As an added bonus, your donation is tax deductible.

Donate now.

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