For the week of October 24, 2012

Breaking News

► Step one: set your goals, says David Christianson

► Economic update: Dispelling global uncertainty

► Evelyn Jacks: New relationship? Beware of tax consequences

Your News

Poll Question: Should governments increase taxes on investment income dividends and capital gains to increase revenues and meet their responsibilities?

DISTINGUISHED PRACTICES: Tips for Real Wealth Managers™: Broader interpretation of transfer pricing

Did You Know? Legislation in both official languages

Tax Tips: How the CRA is helping small business

Our News

Featured Book: Master Your Money Management

Featured Web Tools: Featured Program: EverGreen Explanatory Notes

Tax Tips:

How the CRA is helping small business

The Canada Revenue Agency (CRA) has been charged with reducing red tape and making it easier for small businesses to do business.

The CRA recently produced a list of improvements being brought online:
• New result screens have been added to the Payroll Deduction Online Calculator.
• Using the new RC366 form, businesses can request direct deposit for GST/HST, Payroll and/or Corporation Income Tax to one or multiple bank accounts, all on one form.
• Some businesses can submit certain documents electronically to support their T2 returns when requested by the CRA.
• Users of My Business Account can view their original online enquiries at any time by using reference numbers.
• Most businesses can file their GST190, GST/HST New Housing Rebate Application for Houses Purchased from a Builder electronically.
• The CRA has increased to 100 from 50 the number of information returns a business can file in a single submission using the CRA’s Web Forms application.
• Every service in My Business Account now has sidebar links to the Message Centre, making the service easier to navigate.
• Businesses can electronically elect to use the quick method of accounting for GST/HST filings.