Bakers Journal

News
CRA to launch online banking service for small businesses


August 15, 2014
By Bakers Journal

Aug. 15, 2014, Ottawa – In October 2014, the Canada Revenue Agency will launch a
service that allows businesses to manage their banking and direct deposit
information online using the My Business Account secure online service.

Aug. 15, 2014, Ottawa – In October 2014, the Canada Revenue Agency will launch a
service that allows businesses to manage their banking and direct deposit
information online using the My Business Account secure online service.

In October 2014, the first free online
option for paying taxes will be available for business owners registered with
My Business Account. A detailed payment history for all of their accounts will
also be available in one secure and convenient place, said a CRA news release.

The federal government's Economic Action Plan 2014
introduced proposals that also target red tape, including revising remittance
thresholds for employer source deductions to reduce the maximum number of
payments that businesses are required to prepare and submit to the CRA. 

Advertisment

Increasing the remittance thresholds for
employer source deductions will eliminate more than 800,000 payroll remittances
for over 50,000 employers of small and medium-sized businesses, saving them
time and money, said CRA news release.

In
addition, the CRA continues to build partnerships with the small business
community and provincial and municipal governments on initiatives such as the
business number. Based on the idea of "one business, one number," the
business number is a common identifier for businesses that allows them to
simplify their dealings with federal, provincial and municipal governments.

The Liaison Officer Initiative, another recently announced pilot project, also will
focus on improving compliance and avoiding red tape by providing businesses
with in-person support and information at key points of their business cycle,
when they most need it.