Want to Better Understand and Meet Tax Obligations for your Business?
The Canada Revenue Agency (CRA) is committed to helping small and medium businesses by ensuring they have the information and guidance they need to stay organized and to better understand and meet their tax obligations.
File and pay on time
The CRA understands that the pandemic may have impacted your business and does provide options for Taxpayer Relief in some circumstances. If you file your return late, penalties may apply. Similarly, not paying your taxes or installments on time can result in penalties and interest on outstanding balances. It is important that you plan ahead and keep track of important dates for businesses. For help remembering important business dates, you can use the Business Tax Reminders mobile app.
To help you plan ahead, sign up for My Business Account as it is a fast and easy way to view and manage your tax information. My Business Account is a secure online portal that allows you to receive your mail online, submit documents, view and pay balances, transfer payments, get answers to your questions, and more.
Organize your records and documents
It is important to keep detailed books and records, including the money you make and spend. Your records must include the original documents and provide the information to support your deductions and to determine your tax obligations. You should keep your records and documents for a minimum of six years starting from the end of the last taxation year.
For more information on keeping your records, visit, Keeping records – Canada.ca.
Resources for you – the CRA is here to help
The Liaison Officer service is a free service offered by the CRA to owners of small businesses and self-employed individuals to help them understand their business tax obligations. A visit from a Liaison Officer is 100% confidential; the information you choose to discuss with a Liaison Officer will not be shared with other areas of the CRA, or anyone else.
You can find online information and resources that you need to help you and your business online.
The Business Enquires line is another resource available if you are still having difficulties or have questions: 1-800-959-5525.