Salary vs. Dividend– Key Considerations

Partner announcement

CRA Business Authorizations

CRA Personal Authorizations

Tax updates - new policies and programs, helpful links, and some uncertainty! What’s new for 2024 personal taxes? There has been quite a lot of tax uncertainty this year again! We have compiled a short list of issues that could affect our clients’ 2024 personal income tax filings, for your information. Some of this is good news! Please have a quick read and see what might apply to you, so that you can discuss with your tax preparer. 

Introduction

Partner Announcement

Update for 2023

It is a good idea for all individuals and business owners to set up access to their CRA personal or business accounts. By doing so, you are able to view important information like CRA mail, account balances, apply for benefits, request information, and more. Each individual and business has one account already set up, but perhaps has not accessed by anyone yet. By knowing your CRA account balance, you can ensure that there are no balances owing that you do not know about, and thus keep unnecessary interest payable as low as possible. Each province has their own log in system, so you may have to make an account for each provincial jurisdiction that you deal with. The link for CRA My Account (individuals) is here. ( https://www.canada.ca/en/revenue-agency/services/e-services/e-services-individuals/account-individuals.html ) The link for CRA My Business Account (corporations, partnerships) is here. ( https://www.canada.ca/en/revenue-agency/services/e-services/e-services-businesses/business-account.html ) Gaining access to each of these is similar. You can either use the same log in as a “sign-in partner” which includes most major banks or using a CRA username and password. The former is self-explanatory if you have an account, so this blog will focus more on the latter. For most people using the sign-in partner is easier since you do not need to remember another login. How to Register for an Account Upon clicking one of the above links depending on your needs, navigate down to CRA Register. The link you require you to enter your social insurance number, which can be found on an old tax return, T4 slip, among others if not available immediately.