| |
 Print
Harper Government highlights red tape reduction initiatives to help Canadians save time during tax season
3-25-2014
On March 21, 2014 minister of National Revenue met with members of the business community to discuss the Government of Canada’s progress on reducing red tape and the recent improvements that have been made to the Canada Revenue Agency’s (CRA) online services.
As part of our Government’s Red Tape Reduction Action Plan, the Government of Canada has launched a number of service enhancements and measures to reduce red tape for businesses, including several introduced in Economic Action Plan 2014, which the CRA will implement over the next year:
• In April 2014, the CRA’s electronic filing services will be expanded to allow businesses to file amended T2 corporate income tax returns online and representatives for businesses will be able to submit an electronic authorization request to the CRA instead of filing paper forms.
• 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 also be available in one secure and convenient place.
• Government is 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.
• Economic Action Plan 2014 will simplify tax rules for the lifetime capital gains exemption when certain individuals operate both farming and fishing businesses to allow for more consistent treatment.
• Government will continue to build 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 (LOI) pilot project and the proposed Registration of Tax Preparers Program (RTPP), all intended to support taxpayers to more easily manage their tax affairs and “get it right from the start.”
Quotes
“The Government of Canada has taken significant steps to reduce the tax burden on small and medium-sized businesses, which plays an important role in the long-term economic growth of our region. I am pleased representatives of the local business community had a chance to discuss these important issues with Minister Findlay today, and I look forward to the implementation of the CRA’s new service enhancements for businesses.”
Ted Falk, Member of Parliament for Provencher
“Small businesses are a cornerstone of our economy, and our government has made it a priority to cut red tape for them so they can focus on growing their business instead of working through paperwork. Meetings with chambers of commerce across the country, and other key stakeholders, gives us better insight into how business owners work and how we can better tailor our services.”
The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue
Footnotes: Footnotes: This column is presented as a general source of information only and is not intended as a solicitation for business. It is always recommended that you consult a qualified tax professional before embarking on any of the suggestions outlined above. Mohammed Yasin, CGA, is the principal of M. Yasin & Co. Inc., Certified General Accountants and has offices in Vancouver & Surrey,B.C. He is also A Member of Muslim Business Council of B.C. For more information on this topic or any other taxation matter
|