SUMMERSIDE, PRINCE EDWARD ISLAND--(Marketwired - Aug. 29, 2014) - Canada Revenue Agency
The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, and James Rajotte, Member of Parliament for Edmonton-Leduc and Chair of the Standing Committee on Finance, today met with members of the Summerside area business community 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. Last week, Minister Findlay launched the CRA's Business Tax Reminders mobile app, which allows small and medium-sized businesses to create reminders and alerts for key CRA due dates. The new app is one example of how the CRA is improving service options to meet the needs of Canadian businesses.
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 number of payments that small 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 common 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.
Another initiative that reduces the compliance burden for businesses is the Liaison Officer Initiative (LOI) which focuses 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. The CRA initially launched two LOI pilot projects in March 2014, one in Ontario, and the other in Quebec. This fall, the project will be expanded to include British Columbia, the Prairies, and Atlantic Canada.
- 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 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 certain individuals who operate a combination of farming and fishing businesses.
- The CRA Business Tax Reminders App was developed following Red Tape Reduction consultations with small and medium-sized businesses on how to improve the CRA's services while reducing red tape.
"The Government of Canada continues to place an emphasis on the importance of small businesses across the country. In communities like Summerside, business owners are an integral part of the local economy and they are also part of how our country continues to weather economic change. Large or small, east to west, businesses are a cornerstone of Canada's economy."
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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