- Canadian and non-resident businesses need to check their compliance with indirect tax obligations as the year ends
- Businesses should prepare for tax changes in 2024 and new measures in 2025 involving GST, HST, QST, PST, and other taxes
- Increased audit activities expected, businesses should meet audit deadlines and respond quickly to queries
- Significant tax rules and developments for 2024 include GST/HST holiday, Nova Scotia HST rate reduction, and B.C. PST changes for digital products
- Importers and exporters should prepare for new tariffs and consider supply chain labor risks
- Digital platform operators need to meet new federal reporting requirements by January 31, 2025
- Digital businesses and large businesses must register for the DST by January 31, 2025
- Builders should review GST rental rebates and new joint venture rules
- Residential property owners must file UHT returns by April 30, 2025
- Employers must meet GST/HST and QST obligations by December 31 and check for CPP and EI overpayments
- Financial institutions should review GST/HST legislation for SLFIs and meet investor information deadlines by December 31
- Businesses with cross-border insurance coverage need to review federal tax obligations on premiums
- Dental practices should prepare for changes to ITC claims
Source: assets.kpmg.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
