Ted Falk, MP for Provencher, met with members of the local business community to discuss the Government’s progress on reducing red tape, and the recent improvements that have been made to the Canada Revenue Agency’s (CRA) online services. Falk was accompanied by The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue.
The Honourable Kerry-Lynne D. Findlay, Minister of National Revenue with Ted Falk, MP for Provencher.
“The Government of Canada has taken significant steps to reduce the tax burden on small and medium-sized businesses, which plays an important role in the long-term economic growth of our region,” said MP Falk. “I am pleased representatives of the local business community had a chance to discuss these important issues with Minister Findlay today, and I look forward to the implementation of the CRA’s new service enhancements for businesses.”
As part of our Government’s Red Tape Reduction Action Plan, the Government of Canada has launched a number of service enhancements and measures to reduce red tape for businesses, including several introduced in Economic Action Plan 2014, which the 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.
- Our 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.
- Our Government 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), all intended to support taxpayers to more easily manage their tax affairs and “get it right from the start.”
In addition, Minister Findlay noted that the recently signed Canada-Korea Free Trade Agreement (CKFTA) will allow Canadian businesses to focus on what they do best: creating jobs and generating wealth in communities across Canada. The CKFTA will create thousands of new jobs in Canada and provide Canadian businesses and workers with a gateway to Asia. It will also level the playing field for Canadian companies competing with Korea’s other trading partners, including the United States and the European Union, who already have free trade agreements with Korea.
