TAX TIP Here Are Answers To Five Of The Top Business Tax Information Questions
Friday, 05 August 2022 08:00.AM
- You've got questions and we've got answers! -
Question 1: How do I register for My Business Account?
You can register for My Business Account using your Canada Revenue Agency (CRA) User ID and password or through a sign-in partner.
Haven't set up your CRA User ID yet? Find out how here: Registration process to access the CRA sign-in services
What you'll need to register:
• CRA User ID and password
•A business number (BN) you are authorized to access
Steps:
1. Create a CRA user ID and password if you haven't yet
2. Enroll in mandatory multi-factor authentication (telephone or passcode grid)
3. Register for a business number if you do not have one
Question 2: How do I authorize a representative for my business?
Representatives are individuals you authorize to help you or your business manage your tax information.
Business owners can now confirm authorized representatives using My Account or My Business Account. This easy, two-step digital process will help you protect your tax information and make authorizing new representatives more efficient and secure.
It is important to know who your representatives are and what information they have access to. Be proactive and make sure the representatives you have on file with the CRA are current. Follow these steps to remove representatives that are not current using My Account or My Business Account.
Find more information about authorizing and managing representatives here: Authorize a representative - Before you start
Question 3: How do I access CRA's online services for businesses?
The CRA offers electronic services for businesses that will help you:
• File various types of returns
• File a notice of objection
• Make a payment
• Register a new business and various types of accounts
• Get information
• Make an online request
• Calculate payroll deductions
• Download or order forms or publications
Our online services make it faster and easier to handle your company's tax matters. You and your authorized employees and representative can file, pay and access detailed information about your tax accounts. Get started by selecting the online service that is built for you:
• Need to file GST/HST, payroll, corporation income tax returns? Use My Business Account.
• Having a tax preparer act on behalf of your business? We offer Represent a Client for that.
• Reporting your business income on a personal income tax return? Make sure to use My Account for Individuals.
Question 4: How do I make payments to the CRA?
The CRA offers a variety of payment options for businesses. These may vary depending on the type of payment you are making; in most cases we offer options to:
Pay online
• type of payment
• My Payment (compatible with Visa debit, Debit Mastercard, and Interac Online)
• Pre-authorized debit
• Pay by credit card, PayPal, or Interact E-Transfer or pay by a third-party service provider
Pay in person
• At your financial institution
• Through a Canada Post outlet
Pay by cheque
• Pay with a cheque from your Canadian bank account
For non-residents without a Canadian Bank account payment can be made using a:
• Wire transfer
• Internationally issued credit card
Question 5: How do I file GST/HST using GST/HST NETFILE?
GST/HST NETFILE allows you to file GST/HST tax returns, and eligible rebates directly to the CRA. Using GST/HST NETFILE gets you your refunds faster and can be combined with direct deposit!
To file go to: Ready to file
What you'll need:
• Your business number (BN)
• Your reporting period 'from' and 'to' dates
• Your access code
Don't have an access code? Get it here: Need an access code?
Online check list
1. Read the Privacy Notice Statement
2. Make sure your browser supports TLS 1.2. for security
3. Have cookies and JavaScript enabled in your browser
You will receive a confirmation number as proof that the CRA has received your information. Print or save the page with your confirmation number and keep it with your records.
If you have further questions
Meet with a Liaison Officer: The Liaison Officer service is a free service the CRA offers to owners of small businesses and self-employed individuals to help them understand their business tax obligations. A visit from a Liaison Officer is 100% confidential; the information you choose to discuss with a Liaison Officer will not be shared with other areas of the CRA or anyone else.
Check Canada.ca: We're improving the information on our web pages to make it easier for Canadians to find what they need online. For example, the CRA gets thousands of questions each year from businesses as they go through different changes. Our Changes to your business and Canada Revenue Agency program account page will give you information on what the CRA needs in many common situations, such as administrative changes, growing your business, and changes to business operations.
Stay connected
• Follow the CRA on Facebook
• Follow the CRA on Twitter – @CanRevAgency
• Follow the CRA on LinkedIn
• Follow the CRA on Instagram
• Subscribe to a CRA electronic mailing list
• Add our RSS feeds to your feed reader
• You can also watch our tax-related videos on YouTube
SOURCE: Canada Revenue Agency
-
Related materials:
- 18-Sep-2024 10:23 AM 📒🇨🇦🍁 Using an App or Website to Earn Income? Here's What You Need to Know About the Reporting Rules for Digital Platform Operators 💵
- 16-Sep-2024 12:00 PM 📒🇨🇦🍁 Making Changes to Your Business? The Canada Revenue Agency is Here to Help! 💵
- 18-Jul-2024 04:58 PM 🍁🏙️💵 City Of Toronto's Tax & Utility Relief Programs Provide Support for Low-Income Seniors and Low-Income People Living with Disabilities
- 21-Jun-2024 06:40 PM 📒🇨🇦🍁 Budget 2024 Government of Canada Launches the First Clean Economy Investment Tax Credits 💚💵
- 16-Jun-2024 10:27 AM 📒🇨🇦🍁 You've Got Questions and We've Got Answers! Here are Answers To Seven of the Top Business Tax Information Questions
- 10-May-2024 04:33 PM 📒🇨🇦🍁 Looking for the Fastest and Easiest Way to View and Manage Your Business Taxes Online? Use Our Digital Services!
- 02-May-2024 06:23 PM 📒🇨🇦🍁 Need to Change Your Tax Return? You Can Do it Online!
- 24-Apr-2024 10:21 AM ⚕️💵🚬 Canadian Cancer Society Commends Tobacco Tax And E-Cigarette Tax Increases In Federal Budget 🚭
- 23-Apr-2024 04:28 PM 💵 New Canada Carbon Rebate Estimator Tells You How Much You May Get Back in Payments Starting April 15
- 20-Apr-2024 02:33 PM 📒🇨🇦🍁 The Canada Revenue Agency Has Options for You if You Owe Us Money or Have a Debt That We Collect for Another Government Department
- 19-Apr-2024 06:33 PM 📒🇨🇦🍁 Top 10 Tips for Your Platform Economy Tax Obligations
- 19-Apr-2024 04:24 PM 📒🇨🇦🍁 Reporting Your Capital Gains as a Crypto-Asset User
- 19-Apr-2024 02:34 PM 📒🇨🇦🍁 Are You Self-Employed? The Canada Revenue Agency Can Help You Understand Your Tax Obligations
- 18-Apr-2024 10:19 AM 📒🇨🇦🍁 NEW - Bare Trusts are Exempt from Trust Reporting Requirements for 2023
- 16-Apr-2024 02:27 PM 📒🇨🇦🍁 You Still Have Time - Last-Minute Tips to Help You File Before the Deadline!
- 01-Apr-2024 08:00 AM 💵 Keep The Cash, Care for Climate: Canada Carbon Rebates Being Paid Next Month
- 28-Mar-2024 10:33 AM 📒🇨🇦🍁 Vast Majority of Canadian Businesses Want Fast-Tracking of Clean Energy Tax Credits 🤝💰🤑
- 21-Dec-2023 02:37 PM 📒🇨🇦🍁 Businesses: Here Are the Top Changes this Year that Will Affect Business Taxes in 2024
- 19-Oct-2023 12:00 PM 📒🇨🇦🍁 Did You Know that there are Business Services that Can Make it Faster and Easier for You to Meet Your Tax Obligations?
- 14-Oct-2023 06:33 PM 📒⚠️ Warning: Watch Out for Tax Schemes Involving Multilevel Marketing Businesses!
- 20-Jul-2023 10:21 AM Taxpayers' Ombudsperson Requests That the Canada Revenue Agency Make Improvements to Respect Canadians' Right to Be Represented by a Person of Their Choice
- 05-Jul-2023 02:34 PM TAX TIP Get ready: the CRA is in its summertime benefit period!
- 19-Jun-2023 02:23 PM TAX TIP Applying for the Disability Tax Credit is Easy With Our New Digital Form
- 13-Jun-2023 02:46 PM TAX TIP June 15, 2023, is the Deadline for Self-Employed Individuals to File Their 2022 Income Tax and Benefit Return
- 18-May-2023 12:00 PM ONTARIO JOBS 💵 Moving Forward with Building a Strong Ontario
- 03-Apr-2023 04:33 PM TAX TIP CRA Debt Recovery Activities May Impact Upcoming Benefit, Credit, and Refund Payments
- 27-Mar-2023 10:21 AM TAX TIP Voices Prepares Voice Actors for Tax Season With Tax Education Campaign
- 26-Mar-2023 02:23 PM TAX TIP Valuing Your Cryptocurrency
- 23-Mar-2023 10:21 AM TAX TIP The CRA Would Like to Remind You That it Has Resumed Debt Recovery Activities; Here's How it May Impact Your Benefit, Credit, and Refund Payments
- 21-Mar-2023 02:33 PM TAX TIP 💵🏠 Less Than Two Weeks to Apply For $500 One-Time Top-Up
- 21-Mar-2023 12:00 PM TAX TIP Do You Work in the Sharing Economy? Here's What You Need to Know
- 18-Mar-2023 10:15 AM TAX TIP Confirm My Representative is Now Available for Business Owners
- 14-Mar-2023 08:20 PM TAX TIP Thinking of Calling Us? Before You Do, Find The Answers You Need for Tax-Filing Season!
- 12-Mar-2023 08:29 PM TAX TIP Ready to File Your Taxes? Here's Why You Should Go Digital
- 13-Feb-2023 02:22 PM TAX TIP Were You Invited to File Your Taxes Over the Phone?
- 09-Feb-2023 08:00 AM TAX TIP Electronic Filing Of Special Elections And Returns Is Now Available
- 30-Jan-2023 06:40 PM 📒🇨🇦🍁Taxpayers' Ombudsperson Recommends Ways To Improve Communication From The Canada Revenue Agency
- 24-Jan-2023 04:18 PM TAX TIP Seniors: We've Got Tips To Help You This Tax Season!
- 19-Jan-2023 04:28 PM TAX TIP Here's what you need to know if you're filing your taxes by paper
- 16-Dec-2022 02:39 PM Budget 2021 The Government Of Canada Launches Formal Consultations To Streamline Reporting Of Payroll Information
- 04-Nov-2022 10:43 AM TAX TIP Six month doubling of GST credit payment starts November 4, 2022
- 03-Sep-2022 10:22 AM Government of Canada Strengthens Access to Sexual and Reproductive Health Services for Youth
- 25-Aug-2022 02:20 PM TAX TIP Do You Have Questions About Filing As A Business For The First Time? The CRA Is Here To Help
- 16-Jul-2022 08:00 AM TAX TIP Do you have questions about filing as a business for the first time? The CRA is here to help
- 21-Jun-2022 11:14 AM City of Toronto issues 2022 final property tax bills
- 03-Jun-2022 08:00 AM TAX TIP June 15, 2022, is the deadline for self-employed individuals to file their 2021 income tax and benefit return
- 17-Apr-2022 08:00 AM TAX TIP Businesses: Protect yourself from scams and fraud - know what to expect from the CRA
- 15-Apr-2022 02:22 PM TAX TIP Are you self-employed? The Canada Revenue Agency can help you understand your tax obligations
- 13-Apr-2022 12:00 PM TAX TIP How to find help if you can't pay your taxes
- 01-Apr-2022 10:22 AM TAX TIP Did you buy, build, sell or renovate a home in 2021? Here's what you need to know
- 28-Mar-2022 02:02 PM TAX TIP Make sure you maximize the benefits you are entitled to if you are First Nations, Inuit, or Métis
- 27-Mar-2022 12:00 PM TAX TIP It's tax time! You've got questions? We've got answers
- 26-Mar-2022 10:59 AM TAX TIP Do you work in the gig economy? Here's what you need to know
- 23-Mar-2022 04:22 PM TAX TIP How to verify the CRA has contacted you
- 21-Mar-2022 04:33 PM TAX TIP Do you work in the sharing economy? Here's what you need to know
- 20-Mar-2022 04:46 PM TAX TIP Making changes to your business? The Canada Revenue Agency is here to help!
- 19-Mar-2022 10:23 AM TAX TIP Are you a peer-to-peer seller? Here's what you need to know
- 17-Mar-2022 08:38 PM TAX TIP Are you a social media influencer? Here's what you need to know
- 15-Mar-2022 12:00 PM TAX TIP Before you call: Find the answers you need for the 2022 tax-filing season
- 10-Mar-2022 10:22 AM TAX TIP Small and medium business audits: What you need to know
- 11-Feb-2022 12:00 PM TAX TIP Avoid last minute delays at tax time by setting up My Account
- 07-Feb-2022 02:27 PM TAX TIP Investing in cryptocurrency
- 27-Jan-2022 06:33 PM TAX TIP What is cryptocurrency?
- 25-Jan-2022 12:00 PM TAX TIP Running a business is difficult; understanding your tax obligations
- 30-Nov-2021 08:00 AM TAX TIP Avoid last minute delays at tax time by setting up My Account
- 17-Nov-2021 02:14 PM TAX TIP Understanding the tax-free savings account (TFSA)
- 04-Nov-2021 04:33 PM TAX TIP Canada Revenue Agency announces maximum pensionable earnings for 2022
- 20-Jun-2021 05:33 PM TAX TIP Businesses: Watch out for Canada Emergency Wage Subsidy tax schemes
- 02-Dec-2020 12:00 PM TAX TIP What you should know during times of financial uncertainty
- 01-Sep-2020 02:03 PM TAX TIP Warning to Ontarians: Don't be fooled by the senior homeowners' property tax grant
- 30-Aug-2020 09:07 AM TAX TIP Last call! File your 2019 tax return to keep getting your benefit payments
- 29-Aug-2020 12:02 PM TAX TIP Watch out for offshore leveraged insured annuity schemes
- 28-Aug-2020 05:14 PM TAX TIP Watch out for offshore disability insurance plan schemes
- 13-Mar-2020 10:23 AM TAX TIP New online feature helps you see your uncashed tax cheques