1. Great News: GST/HST Tax Break
The Canadian government is giving us a little holiday gift this year—a GST/HST tax break! From December 14, 2024, to February 15, 2025, many everyday essentials will be exempt from GST/HST, including:
- Prepared foods like sandwiches, salads, and veggie trays
- Restaurant meals (dine-in, takeout, or delivery!)
- Snacks such as chips, candy, and granola bars
- Beverages like beer, wine, and premixed drinks (under 7% ABV)
- Children’s clothing, footwear, diapers, and car seats
- Toys, books, puzzles, and even Christmas trees!
You can read more about this tax break here. It’s a great opportunity to save a little extra during the holidays and into the new year.
2. New Requirement: Ontario Annual Returns
As of October 19, 2021, Ontario corporations must file their Annual Returns directly through the Ontario Business Registry (OBR). This process replaces the previous arrangement where the CRA accepted these filings on behalf of the Ontario Ministry of Public and Business Service Delivery.
Key Points:
- Filing Deadline: Annual Returns must be submitted within six months after the end of your corporation’s fiscal year.
- Filing Process:
- Log into your My Ontario Account.
- Access your corporation’s profile.
- Select “Make Changes” and choose the “File an Annual Return” option.
- Required Information: Have these details ready:
- Corporate name and Ontario Corporation Number (OCN)
- Registered office address
- Names and addresses of directors
- Primary business activity code (NAICS)
- Fees: There is no statutory fee for filing through the OBR.
- Penalties for Non-Compliance: Missing the filing deadline could result in penalties or even dissolution of your corporation.
For more details or to access the filing portal, visit the Ontario Business Registry.
If you need help filing your Annual Return, Piligrim can assist! You’ll just need to have your corporate key ready. Please feel free to get in touch with Julia, and she’ll guide you through the process.
3. Year-End Vehicle Mileage Reminder
For those of you who write off vehicle expenses for business purposes, here’s a quick but important reminder:
- Take a picture of your odometer on December 31, 2024.
- Note down your total mileage for the year.
The CRA is paying close attention to auto expense claims, so having this documentation ready will help you stay on track and avoid unnecessary headaches later. You can find more details on CRA’s vehicle expense requirements here.
Get in touch with our dedicated professional bookkeepers for all of your business needs.
Piligrim Accounting Inc. – (416) 514-1741 or info@piligrim-accounting.com
