As a small business in Canada, what CRA services can you expect from Canada’s Revenue Agency? The CRA continues to acknowledge the struggles that small businesses have faced since March 2020 and is aware of the cash flow tightrope that so many entrepreneurs are walking.
Use the following CRA services, which are specifically focused on small businesses. In addition, reach out to our team of experts who offer CRA services to businesses to guide, strategize and achieve the most cost-effective CRA results.
CRA Service #1
As a small business, or freelancer, self-employed person, you are offered a free CRA officer. This offer will help empower you, via a confidential, virtual meeting, to calculate the business tax you owe as well as GST and HST obligations. The confidentiality of this meeting prohibits the appointed officer from sharing information derived from this meeting with other colleagues, external parties or departments.
CRA Service #2
The Government has maintained its appointment of the CRA for managing and executing the Canada Emergency Wage Subsidy (CEWS) program. This program is for COVID-19 job loss relief and aims to get businesses back into regular trading. The last extension was until October 23rd, 2021. The claim deadline is 180 days after the end of the period. If you need help with this contact us urgently.
CRA Service #3
The Government has also maintained its appointment of the CRA for managing and executing the Canadian Recovery Hiring Program (CRHP). The aim of this scheme is to promote business recruitment and growth and, therefore, general economic growth. Do you know if you qualify for CEWS and CRHP? If you do, please note that you cannot claim for both in the same period. We recommend claiming for the one that pays out the highest amount.
CRA Service #4
If your smart little business is filing six tax slips and above, then your filing will have to be electronic from 1st January 2022. It is a good idea to go electronic as it is far more efficient. You can use the CRA’s My Business Account program, which is an improvement on past systems. We can assist you with setting this up or administering submissions and tracking repayments.
CRA Service #5
The Scientific Research and Experimental Development program offers a total of three billion dollars in tax incentives. This is a material source of financial support for small and medium-sized businesses. Contact us for the full details relating to this CRA service and how to leverage it for your business.
For any CRA services questions or guidance, contact Kevin Martin Accounting without delay.