YELLOWKNIFE, NORTHWEST TERRITORIES–(Marketwired – July 8, 2014) – Canada Revenue Agency
The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, today took part in a roundtable with business owners in Yellowknife to obtain their feedback on the Government of Canada’s measures to reduce red tape for small and medium-sized businesses. Minister Findlay also highlighted improvements to the array of online services for businesses offered by the Canada Revenue Agency (CRA).
As part of its Red Tape Reduction Action Plan, the Government of Canada has launched a number of service enhancements for businesses, including those introduced in Economic Action Plan 2014. Several have already been implemented, with additional service enhancements scheduled to roll out over the next year:
– In April 2014, the CRA’s electronic filing services were expanded. Businesses can now file amended T2 corporate income tax returns online, and representatives for businesses can now send an authorization request to the CRA electronically instead of sending a paper form. Both add up to faster, easier interactions with the CRA.
– In October 2014, businesses will be able to update their banking and direct deposit information online, and the first free online option for paying taxes will be available for business owners registered with My Business Account. A detailed payment history for all of their accounts will be available in one secure and convenient place.
– The Government of Canada is revising remittance thresholds for employer source deductions to reduce the maximum number of payments that businesses have to prepare and send to the CRA, meaning less time spent doing paperwork and more time growing a business.
– Economic Action Plan 2014 will simplify tax rules for the lifetime capital gains exemption for certain individuals operating farming and fishing businesses, to allow for more consistent treatment.
– The CRA is building partnerships with the small business community, as well as provincial and municipal governments, on initiatives such as the CRA’s Business Number, the recently announced Liaison Officer Initiative pilot project, and the proposed Registration of Tax Preparers Program (RTPP), all intended to help taxpayers more easily manage their tax affairs and “get it right from the start.”
– The Government of Canada is taking strong action to ensure fairness in the tax system by tackling international tax evasion and aggressive tax avoidance with key measures such as the new Offshore Tax Informant Program, which was launched in January 2014. This new measure allows the CRA to make financial awards to individuals who provide information related to major international tax non-compliance that leads to the collection of taxes owing.
– In 2011, Canadian businesses identified over 1,100 irritants related to the tax system to the Government of Canada’s Red Tape Reduction Commission.
– In the fall of 2012, the CRA held consultations with businesses, and has developed action plans to reduce or eliminate the compliance burden imposed by each irritant. The results of the 2012 consultations are available in the report called Focusing on Small Business Priorities: Canada Revenue Agency Consultations on Cutting Red Tape.
– From April 2013 to March 2014, the CRA responded to over 6,500 enquiries through the My Business Account enquiries service, a 30% increase over the same period last year.
“Our government is always looking for ways to improve service delivery and reduce red tape so that Canadian entrepreneurs can spend more time growing their businesses and less time doing paperwork. That is why we have introduced the Registered Tax Preparer Program and Liaison Officer Initiatives, to help small business owners get it right from the start.”
The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue
Economic Action Plan 2014
Red Tape Reduction
My Business Account
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Director of Communications
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Canada Revenue Agency