Thursday, February 20, 2014

Action Plan 2014 Means Less Red Tape

Economic Action Plan 2014 Means Less Red Tape for Business

"Our government is keenly aware that small businesses are fundamental to strong economies, job creation, community confidence, and supporting local economic activities. We continue to consult with small business owners who have provided valuable insight into how we can help them grow their businesses through improvements to our services. Their feedback has allowed us to implement significant measures to reduce red tape, increase employment and support our local business communities."

The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, accompanied by James Lunney, Member of Parliament for Nanaimo-Alberni, British Columbia, today met with members of the Nanaimo Chamber of Commerce to promote new measures introduced in Economic Action Plan 2014. Since 2006, the Government of Canada has introduced a number of measures to reduce the red tape burden on small businesses. Minister Findlay highlighted several new service enhancements for businesses that the Canada Revenue Agency (CRA) will implement over the next year:
  • In April 2014, the CRA's electronic filing services will be expanded to allow businesses to file amended T2 Corporate income tax returns online and representatives for businesses will be able to submit an electronic authorization request to the CRA instead of filing paper forms. 
  • In October 2014, businesses will be able to update their banking and direct deposit information online, and the first free online option for paying taxes will be available for business owners registered with My Business Account. A detailed payment history for all of their accounts will also be available in one secure and convenient place. 
  • The Government is revising remittance thresholds for employer source deductions to reduce the maximum number of payments that businesses are required to prepare and submit to the CRA. 
  • Economic Action Plan 2014 will simplify tax rules for the lifetime capital gains exemption when certain individuals operate both farming and fishing businesses to allow for more consistent treatment. 
  • The CRA will continue to build partnerships with the small business community as well as provincial and municipal governments on initiatives such as the CRA's Business Number, the recently announced Liaison Officer Initiative (LOI) pilot project and the proposed Registration of Tax Preparers Program (RTPP).


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