Businesses: Looking for ways to better understand and meet your tax obligations? The CRA is here to help!
The Canada Revenue Agency (CRA) is committed to helping small and medium businesses by ensuring they have the information and guidance they need to stay organized and to better understand and meet their tax obligations.
Here’s what you can do to make sure you’re doing everything right:
File and pay on time
The CRA understands that the pandemic may have impacted your business and does provide options for Taxpayer Relief in some circumstances. If you file your return late, penalties may apply. Similarly, not paying your taxes or installments on time can result in penalties and interest on outstanding balances. It is important that you plan ahead and keep track of important dates for businesses. For help remembering important business dates, you can use the Business Tax Reminders mobile app.
To help you plan ahead, we encourage you to sign up for My Business Account as it is a fast and easy way to view and manage your tax information. My Business Account is a secure online portal that allows you to receive your mail online, submit documents, view and pay balances, transfer payments, get answers to your questions, and more. When fully registered for My Business Account, you will also have instant access to the CRA BizApp, which is a mobile web application for small business owners and sole proprietors that offers secure access to do things such as making payments and viewing accounting transactions.
Organize your records and documents
It is important to keep detailed books and records, including the money you make and spend. Your records must include the original documents and provide the information to support your deductions and to determine your tax obligations. You should keep your records and documents for a minimum of six years starting from the end of the last taxation year.
Sometimes, the CRA audits a business and will examine the business’ books and records to ensure the information supports the amounts reported on income tax returns and GST/HST returns. If the CRA selects a file for an audit, having your receipts and records organized will make it easier for you to support your claims.
For more information on keeping your records, visit, Keeping records - Canada.ca.
Resources for you – the CRA is here to help
The Liaison Officer service is a free service offered by the CRA to owners of small businesses and self-employed individuals to help them understand their business tax obligations. A visit from a Liaison Officer is 100% confidential; the information you choose to discuss with a Liaison Officer will not be shared with other areas of the CRA, or anyone else.
There are two ways that businesses or self-employed individuals can use the Liaison Officer service:
You can find online information and resources that you need to help you and your business online. Our website also has information on how you can make changes to your business and CRA program accounts, inform the CRA of changes, and other related actions.
Our Business Enquires line is another resource available if you are still having difficulties or have questions. You can call our Business Enquiries line at: 1-800-959-5525.
CRA call agents are available:
For more information about our hours of service, visit Contact the Canada Revenue Agency.
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