Businesses – Tax information newsletter Issue 2016-02
June 21, 2016
As of May 16, 2016 changes were made to the way your business can report different types of income on line 101 of the GST34-3, Goods and Services Tax/Harmonized Sales Tax (GST/HST) electronic return.
Does your business owe taxes to the Canada Revenue Agency? Ignoring your tax debt isn't the best strategy. Avoiding payment could result in financial and legal consequences for you and your business. Instead of avoiding a payment, check out the video "Keeping Your Business on Track" to find a better option.
Under the proposed changes in the 2016 Federal Budget, the special reporting requirements of grandparented housing sales for builders have been simplified. Using this new simplified reporting provides builders with an opportunity to correct past misreporting and avoid potential penalties.
With the latest improvements to My Business Account, seeing your business correspondence online, updating your address, or sending an enquiry to the CRA is now even easier. To try it for yourself, log in or register for My Business Account today!
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