The year 2024 will witness various changes which will affect the business taxes in 2024. The Canada Pension Plan 2024 Changes have been combined in this article. The Electronic Tax Filing Thresholds 2024 changes have also been seen and the Electronic Filing for GST/HST 2024 Changes can be checked through the given post below. All these changes will be applicable from 1 January 2024 onwards. One has to refer to the complete article to get all the updates regarding the Tax Changes in Canada 2024
With the New Year, the New Tax year also starts and the taxpayers have to pay their taxes as per the recent changes. The taxpayers have been looking for the information regarding the Tax Changes in Canada 2024 and here we are with all the details pertaining to the changes of the CPP Payment Dates 2024, Electronic Tax Filing Threshold, GST/HST filing threshold and various other changes. This year there are many changes which will affect the business taxes in 2024. From the year 2024 starting, the second additional CPP contributions will be deducted on the earnings which are above the maximum limit. The changes have been made to the basic exemption amount also. From 2024, if you file more than 6 information returns, you shall file them electronically to avoid any sort of penalties.
The changes have been made for the electronic filing of GST/HST by the registrants. Now to get the details on the various changes made to the TFSA Limit 2024, one must refer to the complete article which has been presented below.
With the New Year, various Tax Changes in Canada 2024 will be witnessed by the citizens. Changes will be made to CPP amounts, threshold limit for GST/HST Registrants, Canada Dental Care Plan and various other plans. Now you must go through the article completely to get the updates on the canada.ca Tax Changes in 2024.
| Authority | Canada Revenue Agency |
| Country | Canada |
| Post name | Tax Changes in Canada 2024 |
| Year | 2024 |
| canada.ca Tax Changes in 2024 | CPP Increase, GST/HST Thresholds, Canada Dental Plans |
| Who will be affected | Citizens of Canada |
| OAS increase | $68500 |
| Changes applicable from | 1 January 2024 |
| Post type | Finance |
| Website | canada.ca |
The recent legislation has amended the mandatory electronic filing thresholds for the returns which also includes T4 payroll return, T5 investment income, T3 trust income and T4A pension and other income return. From January 2024 onwards, in case you are filing more than 6 returns, you must file it electronically in order to avoid any penalty.
The electronic filing will be more convenient and will have a faster processing time. Web forms will be made available for the smaller return.
For the returns filed after 1 January 2024, the penalty will be as follows:
| Number of Information slips | Penalty |
| 6 to 50 | $125 |
| 51 to 250 | $250 |
| 251 to 500 | $500 |
| 501 to 2500 | $1500 |
| More than 2501 | $2500 |
For the GST/HST reporting period which begins from January 2024, the GST/HST registrants except for charities and selected list financial institutions will be required to file the returns electronically.
One can file the return either in person or by mail by sending the Paper return of GST/HST.
The Canada’s Dental Care Plan 2024 will provide dental coverage for the Uninsured Canadians having the adjusted income less than $90000. The new reporting requirements which begin with the 2023 tax year issuers of the T4 Statement of the remuneration paid and T4A statement of pension.
The Government of Canada has brought a new reporting requirements for Trust. The trusts will have to file the annual T3 Trust income tax along with information return. The new reporting requirements are Canada’s International commitment towards transparency along with the efforts to maintain the effectiveness and integrity of the tax system of Canada.
The issuers can now distribute T4A and T5 slips in a more convenient and efficient way. The individuals have to distribute the slips by the last day of February 2024. If you distribute the slip using the employer or payers electronic portal you must make the slips accessible to employees and provide the employee or the recipient the option for paper copies.
The new CRA Payment Dates 2024 administrative policy regarding the province of employment will come into account from 1 January 2024. The employee will be considered reporting to work at the establishment if they are considered attached to the establishment of the employer. The POE is determined by the type of income, residency status of employee and establishment of employer.
In order to avoid the processing delays, one must use the most recent version of Special Election and Return forms. From October 2023, the older versions have been returned to the individuals for the resubmission.
| Tax Changes in Canada 2024 | Check Detail |
The various Canada Tax Changes 2024 have been the increase in OAS payment, mandatory electronic filing of taxes and various others.
The new rate of CPP 2024 is $68500.
One can file the electronic tax return if they are submitting more than 6 returns in order to reduce the penalty.
The New Dental Care Plan 2024 of Canada will provide dental coverage for the Uninsured Canadians having the adjusted income less than $90000.
The individuals can check the details on Canada Tax Changes 2024 from canada.ca.
2024 01-24 
