(Jan. 17/14) The Minister of National Revenue announced new plans today to help small and medium-sized businesses comply with tax rules. These changes could make inspection processes less onerous, saving members time and money.
CRFA has long-complained about the red tape and challenges our members face completing time-consuming audits. In some cases, our members get stuck with hefty back taxes because the rules weren’t clear to them. The new Canada Revenue Agency (CRA) approach is to:
- provide operators with better, easier-to-access information at key points in their business cycle through Liaison Officers;
- require tax preparers, who are paid for their services, to register with the Canada Revenue Agency (to identify those who prepare non-compliant returns, and work with them to correct problems and avoid errors in future returns); and
- focus more on high-risk cases.
At the end of the day, all businesses will still be responsible for their taxes. However, we are hopeful this new approach will lead to a more collaborative relationship between CRA inspectors and operators with an open exchange of information. CRFA will continue to work with the government and our members to help with this process.
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