Alexander Khan & Co. Accounting & Tax Services Inc.

Beware of CRA Scams: Protect Yourself! Scammers often pretend to be from the Canada Revenue Agency (CRA), but there are key signs to recognize a scam. Here’s what the CRA WON’T do: o  Send refunds by e-transfer or text message o  Demand immediate payment via cryptocurrency, gift cards, or prepaid credit cards o  Threaten deportation, arrest, or imprisonment o  Use aggressive or threatening language o  Set up in-person meetings in public to collect payments o  Charge a fee to speak with a CRA agent o  Ask for personal or financial info in a voicemail or email The CRA may contact you by phone, letter, or email—but they will never ask for sensitive information through unsecured methods. Stay informed and cautious. For more details on the latest scams, visit the CRA website or contact us for help navigating tax-related communications safely. #ScamAlert #FraudPrevention #TaxTips #StaySafe #AccountingTips

Understanding Canada Carbon Rebate for Small Businesses: Payment Details Eligible small businesses will soon start receiving the Canada Carbon Rebate! Here's what you need to know about when and how to expect your payment: No Application Needed The CRA will automatically calculate and issue rebates to eligible Canadian-controlled private corporations (CCPCs) that filed their 2023 tax return by July 15, 2024. Direct Deposit Advantage Payments will appear as "Canada Carbon Rebate" in your bank account (wording may vary by financial institution). No delays for businesses registered for direct deposit, even during the Canada Post disruption. Why Your Payment May Be Delayed: ·     Filed your 2023 tax return late or it is still under review. ·     Your payment was applied to an existing debt. ·     Business information is outdated—update your CRA accounts promptly! ·     A comprehensive verification process or validation review is in progress. Why Your Payment May Be Different: ·     Incorrect number of employees or province of employment in the calculation. ·     Employees working in a non-designated province. ·     Outstanding tax returns or debts impacting your rebate. Use the CRA’s Rebate Estimator Tool to verify your expected payment and eligibility. Need Help? Understanding rebate amounts or resolving issues can be complex. Our accounting experts can assist you in navigating the rebate process, ensuring you get what your business deserves. #CanadaCarbonRebate #SmallBusinessSupport #CRAUpdates #AccountingExperts #TaxCredits #DirectDeposit

Understanding the Canada Carbon Rebate for Small Businesses: How Much Can You Receive? If your business is a Canadian-controlled private corporation (CCPC), you could qualify for a carbon rebate based on the number of employees you’ve had in designated provinces from 2019 to 2023. ·    How Rebates Are Calculated Your rebate = Number of employees × Provincial payment rate for the eligible year. ·    Examples of Rates by Province: Alberta (2023): $181 per employee Saskatchewan (2023): $233 per employee Manitoba (2023): $168 per employee Ontario (2023): $146 per employee Nova Scotia (2023): $119 per employee ·    Estimate Your Rebate Use the CRA’s Rebate Estimator Tool to calculate your amount based on your business’s operations https://lnkd.in/eYCYftZt Our accounting experts are here to guide you through eligibility and the application process. Reach out to us today! #CanadaCarbonRebate #SmallBusinessSupport #CRAUpdates #AccountingExperts #SustainabilityMatters

Understanding Canada Carbon Rebate for Businesses – Who is eligible? Did you know your small business might qualify for the Canada Carbon Rebate? This rebate helps Canadian-controlled private corporations (CCPCs) offset costs related to the federal fuel charge. Here’s what you need to know: Who’s Eligible? Must be a CCPC (including Indigenous CCPCs). Filed your 2023 tax return by July 15, 2024. Employed one or more employees in a designated province during the fuel charge year. Had 499 or fewer employees across Canada in the relevant year. Retroactive Rebates Available Eligible CCPCs can receive rebates for fuel charge years 2019-2020 to 2023-2024 if they meet the criteria. Designated Provinces: 2019-2023: Saskatchewan, Manitoba, Ontario. 2020-2023: Alberta. 2023: New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador. Rebate Payment Details Payments are made via direct deposit or cheque. No delays for direct deposit payments—even during postal disruptions. Why It Matters The rebate can be a significant financial benefit for small businesses in designated provinces. Don’t miss out—ensure your business qualifies and files on time! Need help determining your eligibility or navigating the process? Our accounting experts are here to guide you every step of the way. #CanadaCarbonRebate #SmallBusinessSupport #AccountingExperts #CRAUpdates #SustainabilityMatters

Important Update: Changes to Electronic Filing of Information Returns Coming January 2025 If your business files information returns like T3, T4, T4A, or T5, there are key changes from the Canada Revenue Agency (CRA) you need to prepare for: 1.         Updated T619 Electronic Transmittal Record Include the updated T619 record for a complete submission. Provide a valid email address to avoid delays. 2.         Single Return Type Per Submission Each submission must be for a single return type (e.g., no combining T4 and T4A in one submission). 3.         New Online Validations & Reports Submissions will be validated at the return level, with warnings for errors before filing. Submission reports will outline accepted and rejected returns—ensure corrections are made before the due date! 4.         Early System Shutdown The CRA's filing system will shut down earlier than usual—December 2, 2024. File any outstanding returns before this date! 5.         Reminder on Electronic Filing Thresholds Businesses filing six or more slips must file electronically to avoid penalties. How to File Electronically ·          Use Web Forms for smaller returns (up to 100 slips). ·          Use Internet File Transfer (XML) for larger submissions (up to 150 MB). ·          File through secure CRA portals like My Business Account or Represent a Client. Need Assistance? Our team can guide you through these changes to ensure compliance and avoid penalties. Reach out to us today! #CRAUpdates #ElectronicFiling #AccountingExperts #T4 #TaxCompliance #BusinessSupport

What’s new about Payroll for 2025 – The maximum pensionable earnings and contributions The Canada Revenue Agency (CRA) has announced the 2025 maximum pensionable earnings and contribution rates under the Canada Pension Plan (CPP). Here's what you need to know: ·     Year's Maximum Pensionable Earnings (YMPE): $71,300 (up from $68,500 in 2024). ·     Year's Additional Maximum Pensionable Earnings (YAMPE): $81,200 (up from $73,200 in 2024). ·     Employee/Employer Contribution Rates: 5.95% for CPP; 4.00% for CPP2. ·     Self-Employed Contribution Rates: 11.90% for CPP; 8.00% for CPP2. Key Changes: Maximum employee/employer contributions for CPP increase to $4,034.10 (each), while CPP2 contributions rise to $396.00. Self-employed individuals can expect maximum contributions of $8,068.20 for CPP and $792.00 for CPP2. These changes are designed to reflect wage growth and finalize the CPP enhancement updates. Need help navigating these updates for your payroll or personal contributions? Our team is here to help! Reach out to us today for expert guidance. #CRA #CPPUpdates #PayrollServices #AccountingExperts #CPP2025

What’s New About Payroll for 2025 - Employment Insurance (EI) Premium Rates Announced The Canada Employment Insurance Commission has confirmed the 2025 EI premium rates—here’s what’s changing: ·     Employee EI Premium Rate: $1.64 per $100 of insurable earnings (down from $1.66 in 2024). ·     Employer EI Premium Rate: $2.30 per $100 of insurable earnings (down from $2.32 in 2024). ·     Maximum Insurable Earnings: $65,700 (up from $63,200 in 2024). ·     Maximum Annual EI Contribution: For employees: $1,077.48 (up $28.36); For employers: $1,508.47 (up $39.70). Employers offering wage-loss plans may qualify for premium reductions under the Premium Reduction Program, which is expected to save $1.37 billion in 2025. The adjustments aim to balance the EI Operating Account and manage the cumulative deficit caused by COVID-19 measures, with a forecasted balance by 2031. What does this mean for you? Whether you're an employee, employer, or business owner, these updates may impact your payroll and budgeting. Let our team of experts help you navigate the changes with confidence. #EIPremiumRates #PayrollUpdates #AccountingExperts #BusinessSupport #2025Updates

Important Update for Business Owners: CRA Mail is Going Digital in 2025!   Starting Spring 2025, the Canada Revenue Agency (CRA) will transition to online mail as the default method for most business correspondence. Instead of receiving paper mail, businesses will access important notices, letters, and updates through the CRA’s secure My Business Account portal.   What This Means for Your Business: Who It Affects: ·     Businesses with a Business Number or Program Account. ·     Businesses registered for My Business Account. ·     Businesses with a representative using the CRA’s Represent a Client service.   What You’ll Receive: Notices of assessment, letters, forms, and more will be posted directly to your My Business Account. How to Prepare: ·     Register for My Business Account: If you’re not already signed up, now is the time to register. ·     Update Your Email Address: Add up to 3 email addresses for notifications, including yours or your authorized representative's. ·     Stay Notified: Ensure you don’t miss important updates by keeping your contact information current. Why Go Digital? Faster and more secure communication. Easier access to your business tax information anytime, anywhere. Eco-friendly: Reduce paper use and waste. Enhanced features like message sorting, direct payment links, and document submission tools. Exceptions: If you’re not registered for My Business Account or are a charity, you’ll continue receiving paper mail—unless you opt-in for online mail.   Need Help? Our accounting team is here to guide you through this transition! We’ll help you set up and manage your My Business Account to ensure your business stays compliant and informed.   Contact us today to get started! We are here to help! #CRAUpdate #DigitalTransformation #BusinessTaxes #AccountingSupport #TaxCompliance #GoPaperless

Important Update for Digital Economy Businesses in Canada! As of July 1, 2021, new GST/HST rules for digital economy businesses are in effect. These rules, introduced by the Government of Canada, impact digital platform operators and other businesses providing digital products, services, or short-term accommodations to Canadian consumers. What You Need to Know: ·     Registration Required: Non-resident vendors and platform operators may now need to register, charge, collect, and remit GST/HST. ·     Affected Businesses: 1.    Digital Products & Services: Includes platforms offering streaming, apps, e-books, and other digital goods. 2.    Qualifying Goods in Canada: Vendors supplying goods through Canadian fulfillment warehouses or shipping directly to Canada. 3.    Short-Term Accommodations: Platforms facilitating short-term rental bookings in Canada. Simplified Systems Available: Non-resident vendors and platform operators can use a streamlined registration and remittance system to meet these obligations. CRA Compliance Approach: The Canada Revenue Agency (CRA) takes a collaborative and practical approach to help businesses transition: ·     Transition Period: Affected businesses that demonstrate reasonable efforts but face operational challenges have until July 1, 2022, for compliance leniency. ·     Written approval from the CRA is required for discretion during this period. Not Sure if This Applies to You? Navigating these changes can be complex, especially for businesses involved in multiple sectors. Our accounting team is here to help you: ·     Determine if you’re affected. ·     Register under the simplified GST/HST system. ·     Ensure compliance with CRA requirements. Let us take the guesswork out of GST/HST compliance! Contact us today to protect your business and simplify your tax obligations. #DigitalEconomy #GSTUpdates #HSTCompliance #AccountingSupport #EcommerceTax #CanadaTaxUpdates

Stay Ahead with GST/HST Filing Updates! Starting January 1, 2024, all GST/HST registrants (except charities and selected listed financial institutions) are required to file returns electronically. Filing on paper after this date could result in penalties—don't let that happen to you! Methods to File GST/HST Returns Electronically: GST/HST NETFILE: File directly to the CRA online. My Business Account: Manage all your business tax accounts securely. Represent a Client: Have a professional file on your behalf. Electronic Data Interchange (EDI): Submit through your bank. GST/HST TELEFILE: File by phone in minutes. Why File Online? Avoid penalties and delays. Quick and efficient. Access previously filed returns with ease. Avoid Common Filing Errors: Double-check amounts on lines 101 and 108. Don’t mix personal expenses with business ITCs. Need help navigating the process? Our accounting experts are here to simplify your GST/HST filing and ensure you meet CRA requirements. Let’s keep your business running smoothly in 2024 and beyond! Contact us today to get started. We are here to help! #GSTFiling #HSTFiling #CanadianBusiness #AccountingTips #TaxUpdates