CRA Goes Proactive!
Canada Revenue Agency is taking a proactive approach to helping small and medium-sized businesses meet their tax obligations, thus saving businesses time and money by helping them to avoid problems before they occur.
CRA has prepared a small business checklist with helpful information for each major phase a business will go through during its cycle (starting, maintaining, closing, etc.). It is not intended to be a comprehensive checklist, but a place to start. You can find the checklist here: http://www.cra-arc.gc.ca/tx/bsnss/sm/chcklst-eng.html.
They have also introduced the Liaison Officer Initiative (LOI) pilot program. On a voluntary basis, small and medium-sized businesses may be asked to receive a visit from a Liaison Officer for any or all of the following purposes:
- To offer income tax support and guidance on general tax obligations and educate the business on common errors made by its industry/business sector, as well as address any tax-related questions and concerns the business may have.
- To review books and records to ensure accuracy and completeness and to address any potential problems prior to tax filing.
- To sign a general or tailored Compliance Support Arrangement (CSA).
The above is only a summary. You can find more detailed information about the above at http://www.cra-arc.gc.ca/gncy/cmplnc/thrpntpln/lsnffcrnttv/menu-eng.html.