Affordable Accounting and Bookkeeping
Enhancing Electronic Services
Red Tape Reduction Action Plan by the Canada Revenue Agency
The steps made by Harper Government towards cutting the red tape and the latest expansion of the electronic services provided by the Canada Revenue Agency (CRA) were the main subjects for discussion during the meeting of Kerry-Lynne D. Findlay, Minister of National Revenue and Joyce Bateman, Member of Parliament with representatives of local business, taking place in Winnipeg on March, 20 this year.
The Red Tape Reduction Action Plan means several service improvements, which have been introduced by Harper Government; some of them are included in the Economic Action Plan and are going to be implemented by the Canada Revenue Agency during 2014:
— The CRA extended the list of its online services in order to provide taxpayers with maximum time efficiency. In April, 2014 online filing of T2 corporate income tax returns became possible for them. In addition, business representatives are allowed to send online requests for authorization to the CRA.
— The CRA’s My Business Account was developed to provide business owners with possibility to manage their direct deposit and bank information, make tax payments and monitor the history of payments in electronic mode. These options will become available in October, 2014.
— According to Economic Action Plan 2014 the tradespersons running both fishing and farming businesses will get simplified tax rules for the capital gains exemption.
— In order to decrease the number of transactions made by the business owners to the CRA, the Government of Canada decided to reconsider the limits of remittance for employer payroll deductions.
— The CRA develops its cooperation with small companies and enterprises, provincial governments in promoting such projects as Liaison Officer Initiative, Business Number and Registration of Tax Preparers Program aimed at improving services for taxpayers.
During the meeting Kerry-Lynne D. Findlay discussed the provisions of the Free Trade Agreement (CKFTA), which was recently concluded by Canada and Korea. Due to this agreement businesses in Canada will be able to concentrate on building new work places and financial growth of business communities all over Canada. In addition, the CKFTA will give Canadian enterprises and companies an access to Asian market and allow them to compete with other Korea’s business partners from the USA and EU at one level.
During the meeting between Minister Findlay and workers of Tax Services Office (TSO) in Winnipeg, Findlay confirmed the dedication of the CRA to its principles and services provided to taxpayers across Canada. Nearly 580 workers are hired by the TSO every year.
A growing number of taxpayers choose the CRA’s My Business Account to manage their tax affairs. For the last three years the number of companies registered for My Business Account has grown twice.
The CKFTA cancels high tariffs for Canadian products on the territory of South Korea and decreases non-tariff measures. Canadian business, agriculture, heavy industry and a number of other sectors will instantly benefit from this agreement.