Why Revenue Canada Isn’t the Business Villain You Think It Is
When you think of Revenue Canada, what feeling do you get? Warm fuzzies all over; cold shivers down the spine; perhaps a happy indifference.
Ultimately, if “cold shivers” is your answer, then this blog is for you. Why? Simple – Canada Revenue Agency (CRA) is not the wolf in sheep’s clothing they’re made out to be. Rather, they’ve developed a number of e-services for business to support you and your business based on our country’s self-assessed tax system.
Over the last five-ten years, the CRA has gone to great efforts to improve their online electronic services available to business owners. These improvements benefit businesses in a number of ways, primarily in the form of:
- Time savings (goodbye bank lines)
- Costs, and
- Education!
While most of the services online apply to processes and filings the business owner would typically rely on their bookkeeper or accountant to do, we believe that to be a successful business owner, you have to understand what, how much, and when you need to either pay or file something. This keeps you from becoming totally reliant upon an outside source!
A Simple Intro to CRA E-Services for Business Owners
While the CRA website can be intimidating – yep, even to us at times – it’s important to look at some of these excellent services to remove some of this confusion.
Filing Tax Returns
You are able to electronically file your personal tax returns with your business income and expenses as a proprietor. Goodbye fat envelopes, searching for stamps, and hoping for a speedy Canada Post delivery!
Online Banking
Most banks have a secure tax portal for the business owner to pay money owning, whether personal taxes, corporate, or GST remittance, all from the comfort of an office chair! No more going to the bank or writing cheques hoping they get attributed to the right account, but a whole lot more control when paying in installments to the CRA (whether it’s your GST remittance, taxes owed, or late penalties).
GST Filing & Employee Deductions
If you have a business with a GST number and employees, you need to file your GST remittance and employee deductions. Thankfully, these can all be done through the following portals:
- Netfile – this online portal allows you to file your GST remittance online in a secure fashion. Even better, there’s a handy online form where all you have to do is enter numbers and it does all the calculations for you, ensuring that your amount owning/returning is accurate. No more accidental calculator finger slips!
- Employee Payroll Deductions – Due to be received by the CRA on or before the 15th of every month, without fail, so long as you have employees, your employee payroll deductions just got a whole lot easier. Again, you can file these online and properly calculate the amount owing. By turning this into an online process, you build a system where you can schedule a payment in advance, allowing you to focus on your business and not on the CRA.
There’s a lot of capability out there (heck – you can even register for a business number online), but at the end of the day, all you’re trying to do is run your business. If you understand what the CRA has made available to you, you just might be able to increase efficiency in how you run your business. The CRA really can be a partner in your business. Perhaps one you’re a little reluctant of, but one none the less.
Still curious about how your business can benefit from the CRA’s e-services? Contact Priority Business Solutions as we’re always happy to answer your questions!
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