Here is information on Revenue Canada Initiatives that affect Small Business: CRA has developed a number of new initiatives. Are you aware of them? 1. CRA now provides advice in writing through their “My Business Account”. The written advice will be honoured in an audit even if it is proven to be incorrect. 2. CRA call centre agents must now identify themselves with an agent ID in order to increase accountability. 3. CRA is increasing source deduction threshold limits in order to reduce the frequency of remitting. 4. A new CRA pilot project will offer a “Liaison officers” service which will connect business owners to these officers to help small businesses identify areas where they can improve their compliance without fear of penalties or audit. 5. Proposal to require Tax Preparers to register with CRA to help identify those who are making the same mistakes with all their clients, work with them to correct those mistakes, and avoid errors in the future. Source: Canadian Federation of Independent Business June 2014. CRA will no longer be issuing cheques after April 2016 so enroll for direct deposit at cr.gc.on.ca/directdeposit Source: CRA
Posted on: Thu, 04 Sep 2014 21:00:01 +0000
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