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CRA: Small Business Week 2022: the CRA is here year-round to help small businesses with their unique needs
During Small Business Week 2022, the Canada Revenue Agency (CRA) is celebrating small businesses and recognizing their contributions to the growth of our economy. The Agency is working hard, every day, to improve its services. We know that businesses are still facing continuing challenges as they work to rebuild since the onset of the pandemic. We are here to help. Here are some new and existing CRA services that can support you and your small business now and in the future.
Confirm My Representative service now in EFILE for business
The CRA has taken another step to ensure that your tax information is secure and to guard against unauthorized access. The Confirm My Representative service was originally created in October 2021 for requests submitted by representatives in Represent a Client. Confirming the authorization of a representative is typically a one-time action and helps you play an active role in protecting your information. By accessing My Business Account you or your delegated authority can quickly and easily verify new authorized representatives and ensure that your tax information is secure.
Starting in October 2022, all new authorization requests submitted by representatives through the Business Consent Service in certified tax software (EFILE) will now also require the business owner to confirm or deny the request using My Business Account. If the owner or their delegate doesn’t confirm a request within 10 days, it will be cancelled and a new one will need to be submitted.
As of October 17, 2022, businesses will be able to use Progress Tracker in My Business Account to view the status of requests for formal disputes or objections and taxpayer relief. Users can quickly and easily get information about the status of requests (submitted to the CRA on or after October 17, 2022) so they can track the progression from initial submission to final processing. The Progress Tracker will also provide a targeted completion date (for some requests) so users can know when they can expect a resolution or hear from the CRA.
Note that the Progress Tracker was made available, in May 2022, for charity registration applications and charity info returns. Different services will be added to the Progress Tracker over time.
View Corporation Notices
Business owners and their authorized representatives can now view their corporation’s Notice of Assessment/Reassessment, that are available within My Business Account, in the T2 Auto-fill service available in certified corporation internet filing software. Refer to the Corporation Internet Filing Software page to view a list of products that support the T2 Auto-fill my return service: Software - Canada.ca.
Read about how Lori Lavalee works to help small businesses by ensuring that T2 paper forms match exactly what shows up online in My Business Account.
The CRA is working to improve service to businesses by digitizing a series of Special Elections and Returns (SERS) in a multi-year project. In the first phase, businesses can now view their Capital Dividend Account (CDA) balance online in My Business Account and by fall 2022 will be able to file three types of special elections electronically. The eventual end-to-end solution is the transition to a completely digital process, which will improve the overall client experience.
Read about how Julie MacLeod and her team worked to move this entirely paper-based process online while she and her team were suddenly not able to go into the office because of the pandemic.
Updated Self-Assessment and Learning Tool (SALT) – Scientific Research & Experimental Development (SR&ED) Program
The SR&ED Tax Incentive Program is the largest Government of Canada program supporting research and development (R&D) in Canada. On average, SR&ED provides more than $3B in investment tax credits to over 16,000 businesses annually.
And now, claiming SR&ED is easier. Our newly updated SALT helps you determine how likely your R&D work is to qualify, understand the kinds of information you need to complete a claim, and calculate your potential claim amount, all within 30 minutes. After completing the self-assessment, you can request a free pre-claim consultation with a SR&ED specialist by uploading your SALT summary in My Business Account.
Small and medium-sized businesses file the majority of all SR&ED claims, making the program an important source of financial support for these businesses in the post-COVID-19 economic recovery. Read about how the SR&ED tax incentives help businesses grow and reach their goals at Scientific, Research and Experimental Development – Success Stories.
Read about how Taylor Guzzo helped revamp SALT so that businesses could know almost immediately whether they would likely be eligible for SR&ED’s tax incentives.
The CRA offers a free Liaison Officer service to owners of small businesses and self-employed individuals to help them understand their income tax, GST/HST and payroll obligations. A free virtual visit with 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. These personalized sessions exist to provide support, guidance, and help to ease the stress of filing.
Read about how Indi MacLean, a CRA Liaison Officer who has worked with the service since it was a pilot program, applies her life experience when helping businesses with their tax affairs.
CRA’s Digital Services for Business
Our digital services make it faster and easier to handle your company’s tax matters. You and your authorized employees and representative(s) can file, pay and access detailed information about your tax accounts. Get started by selecting the digital service that is built for you:
- Need to file GST/HST, payroll, or corporation income tax returns? Use My Business Account
- Having a tax preparer act on your business’s behalf? They can use Represent a Client
- Reporting your business income on a personal income tax return? Make sure to use My Account for Individuals
- Check out our tools such as the Payroll Deductions Online Calculator and the GST/HST Calculator
Read about how Harlen Card is working behind the scenes to help ensure business owners feel well equipped and comfortable when it comes to managing their GST returns.