ππ¨π¦π Did You Know that there are Business Services that Can Make it Faster and Easier for You to Meet Your Tax Obligations?
Thursday, 19 October 2023 12:00.PM
Hi, I'm Charlie! Charlie the chatbot. You can find me on the Canada.ca/CRA webpage where I can answer questions about your business and other tax-related matters. From April to July 2023, I was asked just over 854,000 questions in English and 156,000 questions in French. As we head into Small Business Week 2023, I am here to give you some information about business taxes based on questions that I've received from others.
Business registration online
When you're running a business, certain activities will require you to have a business number (BN) or program account. Using Business Registration Online (BRO) is the fastest and easiest way to do this. Here is more information about the BN and about CRA program accounts:
β’ Business number: a nine-digit number and the standard identifier for businesses, which is unique to a business or legal entity. Your business will only ever have one BN. You need a BN if you incorporate or need a Canada Revenue Agency (CRA) program account. Note that you should ensure that your Social Insurance Number (SIN) has been properly associated to your BN for authentication purposes. This can be done as part of the BRO registration process
β’ CRA program account identifiers: these are two letters and four digits that are attached to a BN and used for specific business activities that must be reported to the CRA (examples of the most common CRA program accounts are GST/HST (if your business collects GST/HST; this identifier will start with RT), payroll deductions (if your business pays employees; this identifier will start with RP), corporation income tax (if your business is incorporated; this identifier will start with RC) and the Underused Housing Tax (if your corporation files a Underused Housing Tax return for each of their properties in Canada; this identifier will start with RU)
My Business Account
Registering for My Business Account (MyBA) may make interacting with the CRA easier. With MyBA you can file certain tax returns, make payments, view account balances, submit documents online and so much more.
For more information about My Business Account and how to access it, go to About My Business Account - Canada.ca.
Digital Services
The Basics:
Once you have a MyBA, you may also want to know about these services:
β’ Represent a Client provides tax professionals and authorized representatives access to manage tax information on behalf of a client
β’ Email notifications alert you when important changes are made to your My Business Account, and when you have mail to view. These notifications act as an early warning for potential fraudulent activity
Payments
You should know about these secure methods to send and receive tax-related payments:
β’ Make a Payment is a quick, convenient way for businesses to securely fulfill their tax -obligations by submitting payments to the appropriate tax program
β’ Direct depositallows you to receive your businesses tax refunds, benefits and other payments directly into your bank account. Avoid the hassle of waiting for paper cheques and register for a secure and reliable way to receive your CRA-related funds
Calculators
Make calculations quick and easy using these calculators!
β’ Payroll Deduction Online Calculator is an online calculator that simplifies the process of determining the amount of Canada Pension Plan (CPP) and Employment Insurance (EI) to be deducted from employee wages.
β’ Goods and Services Tax/Harmonized Sales Tax Calculator is a tool that determines the correct amount to be charged or claimed on sales and purchases allowing you to make sure your business is collecting and remitting the appropriate amount of GST/HST.
Business Credits
People often want to know what credits their business may be eligible for. Some of the common ones are:
β’ Federal tax credits are credits that corporations may be eligible for when filling out their T2 Corporation Income Tax Return. Examples of these credits include the Canadian film or video production tax credit, the Canadian journalism labour tax credit, the Air quality improvement tax credit, the Return of fuel charge proceeds to farmers tax credit and more
β’ Apprenticeship Job Creation Tax credit is a non-refundable investment tax credit equal to 10% of the eligible salaries and wages payable to eligible apprentices in respect of employment after May 1, 2006. The maximum credit an employer can claim is $2,000 per year for each eligible apprentice. If your business hires an eligible apprentice, you qualify to claim the credit
β’ Scientific Research and Experimental Development (SR&ED) is a tax incentive designed to support research and development (R&D) activities conducted by businesses. We offer free services to help businesses conducting R&D work in Canada understand how to prepare an SR&ED claim. You can start by using our quick and easy online Return of fuel charge proceeds to farmers tax credit to find out, up-front, if your R&D project is likely to qualify for SR&ED tax incentives and to calculate your potential claim amount. You can also request a virtual pre-claim consultation with an SR&ED specialist if you have questions about whether your work is eligible or how to submit a claim. You can also visit the Outreach Program's web page to register for an upcoming webinar and information session
CRA Business Support and Resources
As a pilot project, I'm still learning and don't have all the answers. However, I can lead you to resources that might help, such as how-to-guides and one-on-one support:
β’ Forms and Publications: Find guides with the answers to your specific business enquires. These publications provide detailed information outlining all things tax related from filing forms to technical information about the Underused Housing Tax
β’ Webinars: The CRA conducts webinars on a variety of topics to help businesses navigate complex processes. Recent sessions include GST/HST Filing responsibilities for businesses and Canada Pension Plan Enhancement: Second CPP Contribution
β’ Liaison Officer Service: Do you know that you can request a visit from a Liaison Officer to go over general bookkeeping concepts and best practices, as well as how to avoid common tax errors? These consultations are completely confidential and free for businesses
β’ Contact the CRA: The CRA has designated service centers to assist businesses with their tax-related enquiries. Businesses can contact the CRA directly to receive additional information and guidance
Business taxes can be quick and easy using our business services! Once again β I'm Charlie the Chatbot, and you can find me on the Canada.ca/CRA webpage, ready to answer your tax-related questions.
See you later!
Charlie the Chatbot
SOURCE: Canada Revenue Agency
-
Related materials:
- 18-Sep-2024 10:23 AM ππ¨π¦π Using an App or Website to Earn Income? Here's What You Need to Know About the Reporting Rules for Digital Platform Operators π΅
- 16-Sep-2024 12:00 PM ππ¨π¦π Making Changes to Your Business? The Canada Revenue Agency is Here to Help! π΅
- 18-Jul-2024 04:58 PM πποΈπ΅ 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 ππ¨π¦π Budget 2024 Government of Canada Launches the First Clean Economy Investment Tax Credits ππ΅
- 16-Jun-2024 10:27 AM ππ¨π¦π 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 ππ¨π¦π 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 ππ¨π¦π Need to Change Your Tax Return? You Can Do it Online!
- 24-Apr-2024 10:21 AM βοΈπ΅π¬ Canadian Cancer Society Commends Tobacco Tax And E-Cigarette Tax Increases In Federal Budget π
- 23-Apr-2024 04:28 PM π΅ New Canada Carbon Rebate Estimator Tells You How Much You May Get Back in Payments Starting April 15
- 20-Apr-2024 02:33 PM ππ¨π¦π 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 ππ¨π¦π Top 10 Tips for Your Platform Economy Tax Obligations
- 19-Apr-2024 04:24 PM ππ¨π¦π Reporting Your Capital Gains as a Crypto-Asset User
- 19-Apr-2024 02:34 PM ππ¨π¦π Are You Self-Employed? The Canada Revenue Agency Can Help You Understand Your Tax Obligations
- 18-Apr-2024 10:19 AM ππ¨π¦π NEW - Bare Trusts are Exempt from Trust Reporting Requirements for 2023
- 16-Apr-2024 02:27 PM ππ¨π¦π You Still Have Time - Last-Minute Tips to Help You File Before the Deadline!
- 01-Apr-2024 08:00 AM π΅ Keep The Cash, Care for Climate: Canada Carbon Rebates Being Paid Next Month
- 28-Mar-2024 10:33 AM ππ¨π¦π Vast Majority of Canadian Businesses Want Fast-Tracking of Clean Energy Tax Credits π€π°π€
- 21-Dec-2023 02:37 PM ππ¨π¦π Businesses: Here Are the Top Changes this Year that Will Affect Business Taxes in 2024
- 14-Oct-2023 06:33 PM πβ οΈ 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 π΅ 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 π΅π 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 ππ¨π¦πTaxpayers' 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
- 05-Aug-2022 08:00 AM TAX TIP Here Are Answers To Five Of The Top Business Tax Information Questions
- 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 MΓ©tis
- 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