Affordable Accounting and Bookkeeping
Economic Action Plan 2014
Service Optimization and Red Tape Cutback For Small Businesses
Economic Action Plan 2014 announced by Kerry-Lynne Findlay, Minister of National Revenue suggests taking measures to support small business.
In recent years red tape became a real problem for small companies and firms. In order to normalize the situation and cut the red tape the Government decided to take a complex of measures starting from 2006. Also Findlay outlined a few recommendations on service improvement and optimization that should be fulfilled by the Government within the next couple of years:
— The CRA is going to extend its online services in April, 2014. This enhancement will provide companies and firms with possibility to fill out the electronic version of T2 Corporate income tax returns and mail it to the CRA. Implementation of online filing services will significantly simplify the procedure and prevent from dealing with lots of papers.
— Soon business people will have a chance to pay their taxes without leaving their offices. For this purpose they have to register on My Business Account. A new option for making online payments is going to be implemented in October, 2014. In addition companies and firms will be able to update their finance information online. Tax history will be stored in a safety place since the system provides a high level of security.
— The Government is reconsidering the limit for remittances in order to cut the employer source deductions that should be withheld to the CRA. According to Economic Action Plan 2014, businessmen running farming and fishing enterprises at the same time may get life-long tax exemption for capital gains.
— The cooperation between the CRA and small businesses should be based on principles of permanent development. Also it’s important for the CRA to keep contacts with provincial and city authorities and support programs like the CRA’s Business Number Registration of Tax Preparers Program (RTPP) and Liaison Officer Initiative, which was launched a short time ago.