CRA Update: Businesses: Are you affected by the change to GST/HST electronic filing requ: 2/21/2024
February 21, 2024
Please see the following CRA information regarding reporting GST
| English version — La version française suit Your organization has been identified as a key stakeholder of the Canada Revenue Agency (CRA). We hope you will share the following information with your membership. Businesses: Are you affected by the change to GST/HST electronic filing requirements? For GST/HST reporting periods that begin in 2024, all GST/HST registrants, except for charities and selected financial institutions, are required to file returns electronically. The mandatory electronic filing threshold that was in place for GST/HST returns has been removed for reporting periods that begin on or after January 1, 2024, which means that electronic filing is now required for most businesses. To determine if you are required to file online and to learn more, visit: File the return – Complete and file a GST/HST return - Canada.ca. There are many benefits to filing online Electronic filing has many benefits over paper processing. It saves businesses time and money because recipients can confirm their tax information earlier and receive refunds and credits much faster. It’s also safer and more reliable because data flows seamlessly over secure networks. Paper processing, on the other hand, is vulnerable to more errors and disruptions. For both business and individual accounts, electronic filing offers:
Heads up: If this change applies to you, there will be penalties for not filing electronically Registrants who are required to file their GST/HST returns electronically and don’t are subject to the following penalty:
For more information, visit GST/HST penalties and interest. GST/HST registrants that file monthly or quarterly – a note about waiving penalties To help GST/HST registrants that file monthly or quarterly and that were not previously required to file electronically, the CRA will be waiving penalties for failure to file GST/HST returns electronically for filing periods beginning on or after January 1, 2024 and before April 1, 2024 as per the following examples:
How to file electronically The Canada Revenue Agency (CRA) offers many digital services, such as My Business Account, mobile apps, and additional services for businesses to easily manage their tax affairs. Information on how to electronically file a GST/HST return is available at File a GST/HST return, rebate or election electronically. Reminder: As you make any kind of changes to your business, you might have questions and need information and guidance from the CRA. We can help. The CRA resources for small and medium businesses web page gives direct access to tax-related services and information for businesses. The Liaison Officer Service is also available to small business owners and self-employed individuals who need help understanding their tax obligations. Stay connected To find out what’s new at the Canada Revenue Agency:
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