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November 12, 2015

Minister of Revenue plan to support small to medium business in 2015

Minister of National Revenue Economic plan to support small to medium business 2015
These are the highlights
Economic Action Plan 2015 proposes to:
• reduction of small business tax rate from 11 to 9% by 2019
• establish the Small Business Consultation Forum, in collaboration the CFIB
• reduce from monthly to quarterly for Payroll remittances for new employers that have less than 1000 starting 2016
• Ensure business owners are not unfairly penalized, making sure penalties for repeat offenders do not exceed the amount would pay if gross negligence penalties were applied.
“The Government is working closely with small and medium-sized business owners and their stakeholders to reduce red tape and help these businesses thrive. The Government has already significantly reduced the red tape burden by:
• eliminating more than 800,000 remittances for over 50,000 businesses;
• improving and simplifying its communications to businesses;
• launching its first tax-related mobile app for businesses;
• expanding online payment options with the launch of pre-authorized debits;
• requiring all business phone enquiries agents to use a standard Agent ID when dealing with a business; and
• introducing the Liaison Officer Initiative to help businesses get their tax affairs right from the start. Economic Action Plan 2015 proposes to make this initiative a permanent program of the Canada Revenue Agency.”
Catharine Eldridge

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