Winter is already well underway in Canada. This means that the federal tax season is fast approaching! For businesses, completing the T2 tax return is one of the most important tasks. However, this essential work can be long and stressful for the person entrusted with this task, especially if taxation is not their specialty.
This is why the Canada Revenue Agency (CRA) has introduced several electronic services to help businesses with their tax returns. It will also make several changes to these services in the coming years to further adapt them to the needs of SMEs.
Changes based on feedback from Canadian SMEs
In 2018, the Government of Canada is committed to improving services to SMEs to ensure that they have all the tools they need to run their businesses well.
In September of the same year, the Minister of National Revenue launched a series of consultations entitled "Serving You Better". The goal of these consultations was to make CRA programs and services simpler and more convenient for businesses. The improvements made were based on the feedback that small and medium-sized businesses provided to the CRA, ensuring that these changes would meet their needs.
Numerous upcoming enhancements to the CRA's "My Business Account"
In the fall of 2019, the CRA made a few changes to its My Business Account platform, such as the ability to file a GST189 (General Application for Rebate of GST/HST) or to view T2 return balances. Beginning at least in May 2020, even more features based on the report on the 2018 "Serving You Better" consultations will be added to this portal.
A better overview of your company's finances
One of the upcoming business services on the CRA site will be the ability to view information for seven years of operations, instead of the previous five. It will also be possible to import this data into T2 tax preparation software with the addition of the "Pre-fill my T2 return" feature.
This function will allow businesses to easily consult the state of their finances in recent years, providing a better overview of their taxation, as well as providing support for their T2 return.
More forms available online
Another service that will be available in the spring of 2020 will be the ability to electronically complete and file Form GST524, the GST/HST New Residential Rental Property Rebate Application form.
Even more CRA e-services for businesses starting in 2021
The CRA is also planning a major redesign of its website and online services, which will begin in 2021.
Among these changes, you can expect a dashboard to be posted on all CRA portals. You will also have the opportunity to upload up to 150 MB of accounting documents and the ability to sign up for email communications and receive confirmation when a payment is applied to an account. All of these changes to the CRA's online services will help businesses better manage their finances and contribute to their success!
Need accounting and tax support for your company? Contact T2inc
In conclusion, the CRA offers several e-services to businesses to help them complete their federal taxes. These services have been and will continue to be enhanced to better meet the needs of small and medium-sized businesses.
While all of these tools are useful, completing your T2 return can be quite complex without the help of professionals. At T2inc, our tax accountants will guide you through the process of filing your corporate tax returns. Contact our team to benefit from a complete solution for your corporate returns!