Minister Findlay Meets With Yellowknife Businesses to Highlight the Government of Canadas Actions to Reduce Red Tape

YELLOWKNIFE, NORTHWEST TERRITORIES — (Marketwired) — 07/08/14 — 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).

– 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.

– 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.

Quick facts

– In 2011, Canadian businesses identified over 1,100 irritants related to the tax system to the Government of Canada’s Red Tape Reduction Commission.

– 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.

Quotes

“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

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