June 1, 2023

Here are answers to more of your top business tax information questions

Last summer, we issued a tax tip with answers to five of the top business tax information questions. Here are answers to five more!

A reminder to review the 2023 policies on taxable benefits

If you are an employer and offer taxable benefits to your employees or workers, please review the January 1, 2023 updates to taxable benefits policies on gifts, awards, long-service awards, social events, hospitality functions, and parking.

Looking for the fastest and easiest way to manage your business taxes online?

The Canada Revenue Agency’s (CRA) digital services make handling your business’s tax matters faster and easier. You and your authorized employees and representatives can file, pay and access detailed information about your tax accounts. Here is information about the CRA’s most used digital services, as well as information on how to find the rest.

Find out if you qualify for Scientific Research & Experimental Development tax incentives

Does your business conduct research and development (R&D) work in Canada? If so, you may qualify for our Scientific Research & Experimental Development (SR&ED) tax incentives. Try our quick and easy Self-Assessment and Learning Tool to find out, up-front, if your R&D project is likely to qualify for tax incentives and to calculate your potential claim amount.

To learn more about the SR&ED program, take a few minutes to visit our new SR&ED multimedia gallery, where you can find accessible information about the program and the various tools and services that the CRA offers.

Underused Housing Tax penalties and interest waived

The CRA administers the Underused Housing Tax (UHT), an annual 1% tax on the ownership of vacant or underused housing in Canada. To provide more time for affected owners to take necessary actions to comply, the CRA is providing transitional relief to affected owners. The application of penalties and interest under the Underused Housing Tax Act for the 2022 calendar year will be waived for any late-filed UHT return and for any late-paid UHT payable, provided the return is filed or the UHT is paid by October 31, 2023.

This transitional relief means that although the deadline for filing the UHT return and paying the UHT payable is still April 30, 2023, no penalties or interest will be applied for UHT returns and payments that the CRA receives by October 31, 2023. Learn more at Underused Housing Tax.

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