March 2009 Archives

CRA Tax Tip: GST/HST tax filing: quick and easy

The following tax tip is available from the CRA web site:

Did you know... That you can file your goods and services tax/harmonized sales tax (GST/HST) return electronically from your home or office?

Eligible registrants can use the access code from their personalized return to file returns with an amount owing, a nil balance, or a refund of $10,000 or less using GST/HST NETFILE, GST/HST TELEFILE, or My Business Account.

When you file electronically, do not mail a copy of your return to the Canada Revenue Agency. If you need to pay a balance owing, use your financial institution's Internet or telephone banking service or Form RC158, GST/HST Netfile/Telefile Remittance Voucher, to make your payment.

If you are filing on paper, be sure to include your Business Number and reporting period dates to ensure quick processing of your return. When filing on paper, do not use Form RC158 to make your payment.
For more information on filing your GST/HST return electronically, go to www.cra.gc.ca/gsthst-filing. To access My Business Account, go to www.cra.gc.ca/mybusinessaccount.

CRA News Release: CRA succeeds in reducing the Paperwork Burden for Businesses

According to a news release available on the Canada Revenue Agency web site, the CRA is making it easier on business by reducing paperwork burden on busineses.

In 2007, the Government announced the 20 percent Paperwork Burden Reduction Initiative as part of a coordinated plan across the federal government. Through this initiative, the CRA has identified over 8,000 obsolete or non-essential information obligations imposed on business. The elimination of these obligations, when implemented, will reduce the paperwork burden on business by 24.2 percent.

The CRA has committed to making it easier to do business by reducing the frequency of tax remittance and filing requirements and by allowing Ontario corporate taxpayers to file harmonized federal and provincial corporation tax returns. As part of this continued commitment, CRA introduced My Business Account to allow business owners secure and convenient online access to their accounts, and developed indicators to measure the small business compliance burden.

Through its own burden reduction measures and in support of the Paper Burden Reduction Initiative, the CRA continues to liaise with key stakeholders to continue to find innovative ways of making complying with Income‑ and Excise‑related legislation easier for businesses.

For more information on this news release, please see:
http://www.cra-arc.gc.ca/nwsrm/rlss/2009/m03/nr090331-eng.html