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Doing taxes just got easier for small business owners

Many newcomers start their own small businesses in Canada. The impact small and medium businesses have on communities is undeniable. 

They provide employment for about 10.5 million Canadians, which is more than 90 per cent of the private sector workforce. They also offer goods and services that we rely on every day. Whether in a small town or a major city, small and medium businesses play an important part in driving the economy.

As a business owner, whether you are a mom and pop shop, an online entrepreneur or have taken on a short-term project to earn a little extra money, your schedule is full and time is a valuable resource. 

Fortunately, one part of managing your finances is getting easier.

In the fall of 2016, the Canada Revenue Agency (CRA) held consultations to ask Canadians how to improve tax programs and services for small and medium businesses. Thanks to their comments and suggestions, businesses across the country can expect to see a number of improvements to their tax-related programs and services.

People were clear in their feedback that new businesses want support when doing their taxes. The CRA has responded by offering liaison officers to provide small and medium businesses with in-person support and guidance on tax matters. Now, owners can get their taxes sorted out and focus more of their time on improving their business and offerings.

One recommendation was for the CRA to improve its services related to audits. As a result, small and medium businesses will be able to share feedback about their audit experience in a new post-audit survey. The feedback will help the CRA improve the way its auditors interact with taxpayers.

Another suggestion was that the CRA work with businesses to make their services easier to access. Telephone authorization now allows businesses to sign up for digital services faster than ever before.

More improvements are being made in the near future, meaning businesses have more to look forward to over the next two years.

The CRA is also working to modernize and raise awareness of their digital services. 

New businesses can now register for online services faster than ever before. Canadian businesses can also expect updated online services, with videos that will explain how to use common features.

Find more information online at canada.ca/cra-serving-you-better.                


Posted: Sep 6, 2017

June 2019

Centennial College

Immigration Peel Canada

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