Friesen Accounting
Menu
  • Link IconLink IconLink Icon
  • External link opens in new tab or window
  • External link opens in new tab or window


Click on the tab for more information on each item!


CRA - Online Mail


As of June 16, 2025, CRA is switching businesses over to receiving online mail. This means that most of your business-related mail from CRA will no longer be sent via Canada Post - this includes items such as source deductions forms and GST remittance vouchers. In order to view mail, you must create an online account with CRA.


This applies to all individuals and businesses who have a GST number, unless you have never registered an online CRA account for yourself or your business, and if you have never authorized an accounting firm to access your CRA information.


CRA is allowing individuals to opt out of online mail and stay on paper mail. In order to keep receiving paper mail, please fill out this External link opens in new tab or windowform and mail it to CRA. This form must be submitted every two years to remain on paper mail. If you are a client of Friesen Accounting, we may start this process for you.


Note that if you do not take action, you may stop receiving paper mail which could result in you missing important notices and accumulating penalties and interest.


Visit CRA's External link opens in new tab or windowwebsite for more information.




Canada Dental Care Program


NEW. The Canada Dental Care Program helps pay for a wide range of dental services. You may be eligible if you are under 18 years old, over 65 years old or have the Disability Tax Credit. The amount of coverage is dependent on family income. Click External link opens in new tab or windowhere for more information.


Capital Gains Rate Change


The percentage of capital gains included in income is changing from 50% to 66% on June 25, 2024. UPDATE. The proposed change to the capital gains inclusion rate has been deferred to January 1, 2026. This means that for the 2024 tax year, all capital gains will be included at the 50% rate.


Under the proposed changes -

For individuals, the first $250,000 of capital gains will continue to be included in income at a rate of 50%. Beyond the $250,000, the rate will be 66%.

For corporations, the income inclusion rate will be 66% on the full capital gain.


Please contact us if you have questions, or click External link opens in new tab or windowhere to view CRA's website.

First Home Savings Account (FHSA)

Invest up to $40,000 into an FHSA to save for a down payment on a home.

External link opens in new tab or windowLearn more

Bare Trust Returns

CRA has announced new filing requirements for Bare Trusts starting December 31, 2023. Please click External link opens in new tab or windowhere for more details.


UPDATE OCT9/24 - Bare trusts are exempt from filing requirements for 2023 and 2024.

Underused Housing Tax (UHT)

The Underused Housing Tax (UHT) is an annual 1% tax on the ownership of vacant or underused housing in Canada that took effect on January 1, 2022. The tax usually applies to non-resident, non-Canadian owners. In some situations, however, it also applies to Canadian owners. UHT returns are due by April 30 each year with significant penalties for late filing even if there is no tax owing. *For the 2022 tax year, CRA has extended the filing deadline to April 30, 2024.*

OCT9/24 UPDATE - The Canadian government has made changes to filing requirements for 2023 and future years. These changes reduce filing requirements for corporations and partnerships.

Please refer to External link opens in new tab or windowCRA’s site for more information.

Do you operate a farm or a business?
Get ready for tax season!

Helpful Resources


- Personal Tax Guide

- Farm and Business Books

- Deadlines List

Column

Quick Links


- How to pay your Friesen Accounting invoice

- Share your feedback


Click to edit


 ph 780 928 3277   email FAL96@telusplanet.net   Friesen Accounting (1996) Ltd.   10013 -101 Ave Box 330 La Crete AB T0H 2H0


close lightbox