Canada Revenue Agency

Canada Revenue Agency

June 26, 2014 16:10 ET

Minister Findlay Meets with Richmond, B.C. Business Community to Highlight Government of Canada's Actions to Reduce Red Tape and Enhance Online Services

RICHMOND, BRITISH COLUMBIA--(Marketwired - June 26, 2014) - The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, spoke today at the 89th Annual General Meeting and Luncheon of the Richmond Chamber of Commerce in Richmond, British Columbia. Minister Findlay highlighted the Government of Canada's actions to reduce red tape for small and medium businesses, including those introduced in Economic Action Plan 2014, as well as new enhancements to the Canada Revenue Agency (CRA) online services for businesses.

Since 2006, the Government of Canada has introduced dozens of measures to reduce the red tape burden on small businesses and improve services.

Most recently, in April 2014, the CRA introduced new services that allow corporations to file amended T2 income tax returns using commercial tax preparation software, and taxpayer representatives to submit an authorization request online on behalf of the businesses they represent. In October 2014, the CRA will launch another new service to allow businesses to manage their banking and direct deposit information online using the My Business Account secure online service. More and more businesses are registering to use the CRA's online services because of all the service options-and new ones continue to be added.

Economic Action Plan 2014 introduced proposals that also target red tape, including revising remittance thresholds for employer source deductions to reduce the maximum number of payments that businesses are required to prepare and submit to the CRA. In addition, the CRA continues to build partnerships with the small business community and provincial and municipal governments on initiatives such as the business number. Based on the idea of "one business, one number", the business number is a common identifier for businesses that allows them to simplify their dealings with federal, provincial, and municipal governments. The Liaison Officer Initiative, a recently announced pilot project, will also focus on improving compliance and avoiding red tape by providing businesses with in-person support and information at key points of their business cycle, when they most need it.

Quick facts

  • The Richmond Chamber of Commerce was formed as a society in 1925, originally as a Board of Trade and then later as a Chamber of Commerce. It counts roughly 1100 members today.
  • Close to four million log-ins were made to the CRA's My Business Account between April 2013 and March 2014. The number of businesses that are enrolled in My Business Account and have a business number has almost doubled in the last three years.
  • Increasing the remittance thresholds for employer source deductions will eliminate more than 800,000 payroll remittances for over 50,000 employers of small and medium-sized businesses, saving them time and money.
  • In October 2014, 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 also be available in one secure and convenient place.
  • Economic Action Plan 2014 will simplify the tax rules for the lifetime capital gains exemption for certain individuals who operate farming and fishing businesses, to allow for more consistent treatment.

Quotes

"Our Government is always looking for ways to improve service delivery to businesses. Just recently, the CRA introduced services that allow businesses to file amended corporate tax returns on the Internet, and representatives to submit business authorization requests electronically using the Represent a Client service. Economic Action Plan 2014 also included measures for the business community, including revising remittance thresholds for employer source deductions and simplifying the tax rules for the lifetime capital gains exemption for certain individuals who operate farming and fishing businesses."

The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P.

Minister of National Revenue

"The Richmond Chamber of Commerce has a long and successful history of representing the interests of local businesses. Our Government will continue to work closely with them and the business community across Canada to ensure that our programs and services are delivered effectively and in a way that reduces red tape for the thousands of businesses across the country that are creating jobs and growing our economy."

The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P.

Minister of National Revenue

"Initiatives like the CRA's business number as a common identifier, the new Liaison Officer Initiative, and a growing suite of online services are helping to simplify how our members interact with the CRA and other levels of government, so that we can spend less time doing administrative work to meet our tax obligations and more time on running our business."

Craig Jones, Executive Director

Richmond Chamber of Commerce

Related products

Economic Action Plan 2014 (http://www.budget.gc.ca/2014/home-accueil-eng.html)

Associated links

Red Tape Reduction (http://www.cra-arc.gc.ca/redtapereduction/)

My Business Account (http://www.cra-arc.gc.ca/mybusinessaccount/)

Get on line with the CRA service that is right for you! (http://www.cra-arc.gc.ca/esrvc-srvce/tx/psssrvcs/gtnln/menu-eng.html)

The Richmond Chamber of Commerce (http://www.richmondchamber.ca/)

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Contact Information

  • Rebecca Rogers
    Director of Communications
    Office of the Minister of National Revenue
    613-995-2960

    Noel Carisse
    Media Relations
    Canada Revenue Agency
    613-952-9184