They say there are two sure things in life – death and taxes. Canadian small to mid-sized businesses can now do one of those things more easily online thanks to some changes at the Canadian Revenue Agency (CRA).
Following up on its “Red Tape Reduction” consultations in cities across the country last year and talking with small business owners and bookkeepers, the CRA is making some changes to its online services. The online My Business Account service is used by SMBs to file returns, manage payroll administration, and complete other basic informational tasks. On Friday, the CRA announced it will add four new updates to the services:
- Businesses can submit payroll inquiries.
- Update banking and direct deposit information.
- Reduce processing time on a Business Consent form from 14 days to five days.
- Boosted awareness of filing frequency options, such as quarterly or monthly.
The CRA has been working to improve access for businesses via online services. The Canadian Federation of Independent Businesses was pleased enough with the changes that it awarded Minister of National Revenue Gail Shea its Golden Scissors award for cutting through red tape. Previously added services include the My Business Account Enquiries Service, which provides a way for businesses to ask tax questions online and get dependable responses back in writing.