|By Marketwired .||
|February 19, 2014 07:21 PM EST||
CAMPBELL RIVER, BRITISH COLUMBIA -- (Marketwired) -- 02/19/14 -- Canada Revenue Agency
The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, accompanied by the Honourable John Duncan, Minister of State and Chief Government Whip and Member of Parliament for Vancouver Island North, British Columbia, today promoted new measures introduced in Economic Action Plan 2014. Since 2006, our Government has introduced a number of measures to reduce the red tape burden on small businesses. Minister Findlay highlighted several new service enhancements for businesses that our Government 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. -- The 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. -- The CRA 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).
- Close to 2.7 million logins were made to My Business Account between April 2012 and March 2013. The number of businesses that are enrolled in My Business Account and have a business number more than 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 employers, saving them time and money.
- On January 17, 2014, the CRA launched consultations on the proposed RTPP as part of a CRA initiative to provide early support and improve voluntary compliance among small and medium-sized enterprises. Additional information on the proposed program and the ongoing consultation process can be found on the CRA's website. Feedback can be provided until May 2014.
"Our Government understands that time spent navigating bureaucratic red tape is time small business owners could otherwise use to grow their businesses and create jobs. The CRA will continue to enhance services to small businesses."
The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue
"Our Government's top priority is creating jobs and opportunities for Canadians. With these new measures, the Government is continuing to reduce the tax compliance burden, so that small and medium-sized businesses can more easily fulfill their tax obligations while saving time and money."
The Honourable John Duncan, Minister of State and Chief Government Whip, M.P. for Vancouver Island North
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Director of Communications
Office of the Minister of National Revenue
Canada Revenue Agency