Tax Tip – Own a small business?

Tax Tip

Across Canada, employers are working hard to navigate through these uncertain times. The CRA recognizes the impacts that COVID-19 is having, particularly on small businesses, and we’re here to help.

Apply for the Canada Emergency Wage Subsidy (CEWS) 
As a Canadian employer who has seen a drop in revenue due to COVID-19, you may be eligible for a subsidy to cover part of your employee wages, retroactive to March 15. This subsidy will enable you to re-hire workers, help prevent future job losses, and ease you back into normal operations. Our online calculator uses a step-by-step approach to get employers to enter information about their business situation to provide an estimate of the subsidy they can expect to receive. The calculator also includes printable spreadsheet and statement features that employers can use to view their claim at a glance and enter required information into the CEWS application form quickly and easily. Find out if your eligible and how to apply for CEWS.

During its peak period, over 3.6 million Canadian jobs were being subsidized by the CEWS.

Information about the 10% Temporary Wage Subsidy 
The TWS is a COVID-19 relief measure that allows eligible employers to reduce the amount of federal, provincial, or territorial income tax they need to remit to the CRA for the period of March 18 to June 19, 2020. The CRA is hosting a free webinar on November 4, 2020, for employers who want to learn more about the TWS. Register for the webinar today.

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Doing business taxes takes time and effort – the CRA is here to help 
The Liaison Officer Service provides free in-person support and guidance to help you meet your tax obligations. Throughout the pandemic, the CRA has been offering this service virtually so that small businesses and self-employed individuals continue getting the tax help they need. 

The CRA also offers online services so businesses can manage their tax affairs remotely. These include My Business Account, a secure online portal that allows you to manage your business’ tax affairs online, and CRA BizApp, which is a mobile web application specifically for small business owners and sole proprietors to manage tax accounts on the go. When fully registered for My Business Account, you will also get instant access to the CRA BizApp.

Our educational approach to collection and compliance during the pandemic
The Government temporarily suspended some programs and services, including many collection and compliance activities, to support Canadians through the COVID-19 pandemic. The CRA is gradually resuming these activities in a thoughtful manner. 

For example, to ensure all taxpayers comply with their tax obligations, we will begin contacting businesses that have not filed or may have improperly filed their tax returns. This means that if you have not filed your business tax return or may have filed it improperly, you may receive a call or letter from the CRA. Errors we have identified may not result in a reassessment, but rather in an information review so that those errors are corrected in future years.

Making information more helpful and easier to understand
Although the CRA is working hard to serve small businesses, we know we have more work to do, and we are listening, learning, and challenging ourselves to do better. With our goal to be trusted, fair, and helpful by putting people first, the CRA has committed to providing businesses with information that is meaningful, easy to understand, and is right the first time. 

Our website is constantly being updated to provide better information on GST/HSTpayrollincome taxes, and excise taxes, duties and levies for your business.

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