Online tax tools for business owners

The CRA has introduced a number of tools to reduce the tax burden placed on small businesses, says the Honourable Gail Shea, minister of national revenue.

“By offering improved services, we’re aiming to reduce the red tape faced by small businesses and Canadian entrepreneurs,” he said.

Read: Tax tips for business owners

To keep businesses informed on tax matters, these new features have been added to the CRA’s site:

• Videos covering topics such as payroll, employer provided gifts and awards, record keeping, business income and expenses, how to start a new business, and changes to the CPP.
• Its My Business Account Enquiries Service lets owners ask the CRA tax-related questions specific to their accounts. They receive responses online in the message centre.
• The Group ID feature in its Represent a Client section lets businesses maintain employee access to business information. Owners only need to fill out the RC59 Business Consent Form once.

Read: Defining pre-business tax claims

The CRA has also extended the Hiring Credit for Small Business,” says MP Block, since they should focus on running and growing their businesses.

Read: Business owner evades tax; fined $170,000

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.