CRA has extended the filing deadlines for 2024 Information Returns - see below
Late 2024 CRA updated how information returns get filed - Here's a link to that Article - "Changes to the electronic filing of information returns"
Courtesy of Joseph Devaney of Video Tax News:
CRA released a webpage entitled "Update on the filing of information returns" which notes the following:
- CRA will grant relief in respect of late-filing penalties for information returns (that are normally due on Feb 28, 2025) which are filed on or before March 7, 2025 given the ongoing challenges faced by some filers.
- In respect of capital gains, Period 1 and Period 2 reporting on T1s and T3s is being maintained to ensure consistency with the tax slips that have already been published.
- 5 common reasons a file is rejected are discussed.
- Due to the change of dates to the proposed capital gains inclusion rate increase, the information to be reported on certain tax slips – primarily the T3, T4PS and T5008 (book value) – need to be recalculated. Penalty relief in relation to the submission of these information returns, except for T3 slips (see below), to the CRA will be extended to March 17, 2025.
- The penalty relief for T3s to May 1, 2025 is applicable to both the T3 return and the slips.
- A “Confirmation of Receipt” email is sent by the CRA when a file has been received. This email does not necessarily indicate that the file was accepted. Filers must review the email to confirm whether the submitted information returns were accepted or rejected.