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A Calgary Tax & Accounting service to help you organize yourself so that you can spend time on important things
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Calgary Accounting, Tax and Bookkeeping Service
The CRA and Private Corporations for 2025
We endeavor to provide up-to date information at all times. Please ensure that before acting on anything you see here (or elsewhere for that matter) that you consult your tax advisor or accountant.
2025
Temporarily Waiving Penalties for Digital Platform Operators Late Filings
The Reporting Rules for Digital Platform Operators, which received Royal Assent on June 22, 2023, require certain digital platform operators to collect and report information about sellers on their platforms who are considered "reportable sellers" to the Canada Revenue Agency (CRA). These rules aim to enhance transparency and ensure that online transactions are subject to appropriate tax compliance.
The first filing deadline for platform operators is set for January 31, 2025, covering the 2024 calendar year. However, in an effort to support platform operators in complying with the new requirements, the CRA has announced that it will waive penalties and interest for late filings until July 31, 2025. While this waiver offers some flexibility, the CRA still strongly encourages operators to file on time to avoid any potential complications in the future.
For platform operators who are unsure of the filing process, a step-by-step guide is now available to assist with submitting the required reports. Additionally, if there are any questions about late filing penalties or reporting rules in general, please contact us or go to Home - Canada.ca.
2025
Bare Trust Reporting Rules
For the 2024 tax year, the Canada Revenue Agency (CRA) will not require bare trusts to file the T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust), unless the CRA specifically requests these filings. This follows the exemption granted to bare trusts for the 2023 tax year, continuing the relief for trustees managing such structures.
A bare trust is a simple trust arrangement where the trustee holds legal title to the property on behalf of the beneficiary but has no active role in the trust’s management. Since the beneficial ownership is clear and there are no complex tax implications, bare trusts are generally exempt from the detailed reporting requirements that apply to more complex trusts.
However, it’s important to note that the new trust reporting rules still apply to other types of trusts with taxation years ending after December 30, 2023. These trusts must file a T3 return, including Schedule 15, unless they meet specific exemptions. Schedule 15 requires trustees to disclose detailed information about the trust's beneficial owners, a significant shift designed to improve transparency and combat tax evasion.
For businesses or individuals involved with bare trusts, it’s important to stay informed about these ongoing exemptions. Should the CRA request specific filings, trustees will need to comply accordingly. It is recommended that trustees and their advisors maintain proper records to ensure that they are prepared should the CRA require additional information.
2018 January
What are the corporate tax rates?
Federal & Alberta Tax Brackets and Tax Rates for active income from a corporation with less than $500,000 taxable income and less than $10,000,000 capital assets:
2018 2017
Federal 9.00% Federal 10.50%
Alberta Provincial 2.00% Alberta Provincial 2.00%
Investment income is taxed at 38.7% federally and 8% provincially in Alberta.