Canada Revenue Agency

Canada Revenue Agency

August 14, 2014 13:30 ET

Minister Findlay Meets with Saskatchewan Businesses to Highlight Government of Canada Red Tape Reduction Efforts

REGINA, SASKATCHEWAN--(Marketwired - Aug. 14, 2014) - Canada Revenue Agency

The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, is in Saskatchewan this week, yesterday in Saskatoon and today in Regina, to meet with local businesses to discuss 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

  • Close to four million log-ins were made to 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 to better accommodate for certain individuals who operate a combination of farming and fishing businesses.

Quotes

"More and more business owners are using online tools in the day-to-day running of their business, so our Government is working to provide more efficient electronic options for filing and paying taxes. We continue to add new features in My Business Account and create innovative ways to reduce the administrative burden placed on businesses."

The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue

"The CRA is an agency with a big impact on Canadian small businesses. While CRA has made some progress over the last several years to reduce red tape and improve service to small business, there is still work to be done. CFIB supports initiatives by the CRA that will reduce the regulatory burden for small business."

Marilyn Braun-Pollon, Vice-President, Prairie and Agri-business, Canadian Federation of Independent Business

"We are committed to working with the Government of Canada to find ways to effectively ease the administrative burden faced by Canadian business owners. Information from government meetings with the business community, along with feedback from our members, helps to first identify measures that are barriers to economic growth and then track their eventual elimination."

Kevin Dancey, president and CEO, Chartered Professional Accountants of Canada

Related products

Economic Action Plan 2014

Associated links

Red Tape Reduction

My Business Account

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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