Posted: August 13, 2013
Posted in:Breaking News, Tax Planning, Current Issue, CRA, cra business services
To limit regulatory burdens on small businesses imposed by the federal government and to make the relationship between Canadian small businesses and the federal government more transparent, accountable, and predictable, CRA has announced more improvements to its “Red Tape Reduction Program” this month, primarily through the improved use of technology.
After meeting with over 140 business owners, accountants, and bookkeepers, as well as listening to suggestions from interested persons across the country, the CRA has decided to implement some of the most desired changes. Such changes include less stringent and more intuitive reporting obligations and online services. Specifically, the major changes include:
· allowing businesses to submit payroll enquiries through the My Business Account enquiries service;
· allowing businesses to update business banking and direct deposit information online;
· improving access to My Business Account by reducing the processing time for a Business Consent Form from 14 days to only 5 days; and
· increasing outreach to businesses to ensure they are aware of less burdensome filing frequency options (e.g., filing quarterly rather than monthly).
For more information on the Red Tape Reduction Plan see: http://www.cra-arc.gc.ca/redtapereduction/