The CRA TSlip Saga: An Update

This tax season has been particularly challenging for both taxpayers and tax professionals. The Canada Revenue Agency (CRA) provides tax information slips—such as T3, T4, T5, and their variations—through secure online portals: My Account and Represent a Client (RAC). This year, there were lots of problems with these portals, and now, it appears, CRA is not being quite transparent about when the slips were actually visible to clients and that doesn’t seem fair. Here’s an update on where we stand now.

Tax filing isn’t required by everyone, but, for very good reasons, every adult in Canada should file a T1 tax return.  Most people will file a tax return to get their tax refunds – an average of $2,260 last tax year.  Even those with no income should do it to tap into refundable tax credits and reserve important investment room in various tax-preferred accounts. Some minors with actively earned income should do it too to preserve RRSP room.   But who absolutely must file?  You may be surprised, especially if you are behind a year or two.  Check it out: 

Most people will have received – or are about to receive – their first pay of 2024 and there will be some changes to note.  In particular, the Canada Pension Plan premiums have increased and that is becoming the subject of some controversy of late.  Is this really the right time to burden taxpayers and small business owners with these extra taxes, or is it time to take a pause?  The Employment Insurance (EI) premiums have also risen and some tax free benefits and tax provisions that were available through COVID have ended. The T4 slips are due on February 29 with some new information require on group dental plans as well.  Overall, payroll clerks may find they need to sharpen up their skills to explain well.

While Albertans are paying 9 cents more at the pumps after their gas tax was reintroduced after a two year pause from a 13 cent tax, Manitobans began to enjoy a 14 cents per litre gas tax holiday in January, which over 6 months will provide a household with 2 cars about $250 in savings and combined savings to individuals, business and municipalities are projected to be $163 Million.  That’s a nice boost into the economy which is projected to feature a 2% inflation rate.   But, will this filter down into consumer advantages at a retail level?  Possibly.

In just one week we’ll be discussing all the news pros need to know for tax season 2024!  There are over 120 tax filing and planning milestones, over 60 changes on the tax forms and schedules and 28 key legislative changes that will substantially affect tax planning in 2024. Check out the detailed agenda and register by January 15 to save on tuition fees. 

We are excited to welcome back our corporate sponsors to DAC 2024 – November 10-12 in Montreal:  Franklin Templeton and Johnston Group.  It’s going to be another outstanding sold out event, so we urge you to reserve your sponsorship and speaking topics, as well as all attendee delegate registration by the early registration deadline of February 15.  Hotel rooms at the beautiful Hotel Birks are expected to sell out quickly as well.

Happy New Year 2024!  May your year it be filled with good health, good friends and good fortune! To start out the year, Knowledge Bureau Report invites you to share our new interactive Calendar of Educational Events and our Top 3 Picks for the Breaking Tax and Economic News stories of 2023 that will shape the conversations tax, accounting and financial professionals will have in 2024!  See if you agree: