September 2014 CRA is Catching Up With the Times

By November 24, 2015Uncategorized

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New Online CRA Resources

Nearly 87% of Canadian households are connected to the internet, which ranks Canada second in internet use of G8 countries, behind only the United Kingdom. Canadian online spending reached $22.3 billion in 2012 alone. (http://cira.ca/factbook/2014/the-canadian-internet.html). Clearly, the internet and technology have become integrated into the lives of Canadians.

The Canada Revenue Agency is catching up with the times. Canadian taxpayers can now use the CRA’s website to access their accounts with the CRA, make tax payments, and view their notice of assessments as well as other correspondence with the CRA.

Individuals

Individuals who file personal income tax returns can use “My Account for Individuals”: (http://www.cra-arc.gc.ca/myaccount/) which allows an individual to track the status of their tax refund, view or even adjust a previously filed tax return, check the status of their benefit and credit payments (child tax benefits, GST credits), check their RRSP limits, set up direct deposit, make tax payments and more.

Business Owners

Business owners who have corporations can use “My Business Account”: (http://www.cra-arc.gc.ca/esrvc-srvce/tx/bsnss/myccnt/menu-eng.html) which allows business owners to access their GST/HST accounts, payroll accounts, corporate taxes, and other accounts online. Business owners can make tax payments and view previously filed returns and correspondence from the CRA.

New App for Business Owners

Most recently, the Canada Revenue Agency has decided to release an “app” for small and medium-sized businesses with annual revenues less than $20 million and fewer than 500 employees.

The app is compatible with Apple iOS, Google Android, and Blackberry. This app allows business owners to create alerts for themselves that will remind them of their tax filing and payment deadlines and obligations. A business owner can use the app to create alerts for corporate taxes, HST, payroll, as well as personal taxes.

The app can be downloaded free app stores as well as from the CRA’s website:
http://www.cra-arc.gc.ca/esrvc-srvce/mblpp/menu-eng.html

As a business owner myself and as an accountant who serves small business owners who manage and run their own businesses, I have seen firsthand how remembering all of one’s filing deadlines with the CRA in terms of one’s corporate taxes, HST, payroll and personal tax can become overwhelming. For those individuals and business owners who are more technologically inclined, I recommend looking into the “My Account”/”My Business Account” sites as well as the above mentioned app and determining if it could be of use to you to help remind yourself of your tax filing and payment deadlines.