Consult statements of account to reconcile payments made to the various tax accounts. RQ is a little more advanced and has a secure server by which documents can be emailed, however, this usually has to be arranged with an individual representative)ĥ. They are among the last organizations to use fax technology. Submit documents relating to open queries/cases/authorizations online rather than faxing them in (which for some reason is the only other non-mail way to send them to CRA, who does not have access to email. Being able to keep on top of tax obligations to avoid penalties, reduce interest charges and run afoul of request for information/audits due to missed and/or overlooked mailĤ. Ability to review all tax documents, including notices of assessment, in one place rather than having to save/scan them and inevitably lose them when needed most.ģ. My Business Account for both CRA and RQ given you access to your payroll deductions at source paid, T4 summaries and slips, GST/HST and QST returns filed, payments made, instalments and corporate tax files including amounts paid to date, instalments, Non resident accounts and much more.Ģ. Note: It is now more important that ever to register online for My Business Account and My Account with CRA as many of the available COVID-19 related benefits, including CERB and CEWS are (or will be) available through these portals.įor both the individual taxpayer and small business owner there are numerous benefits to registering as follows:ġ. Get started on the path to success today!ĭownload our free checklist for starting your corporation.īenefits of registering for my business account with CRA and rq Whether you're a small business owner, startup, freelancer or independent contractor, FastStart Your Corporation is your go-to resource for building a solid foundation. The essential elements of corporate small business taxes.Ī separate section on how to start your corporation in Quebec. What every corporation owner needs to know about taking dividends. The best way to pay yourself a salary and how to hire and start paying employees. Learn whether or not you should register for GST/HST and get guidance on how to complete the registration process for your corporation. Guidance on the important decisions that you need to make as you navigate the incorporation process.ĭiscover the key factors to consider when setting up your accounting.įind out the top qualities to look for in an accountant to ensure that you choose the right financial expert. How to ensure that you are classified as self-employed and not an employee or Personal Services Business (PSB). Why you should incorporate instead of simply registering your business. CRA personnel have been able to move away from verifying calculations and manually reviewing tax returns to more value added analysis which has allowed them to identify tax miscreants with higher accuracy.Īre you wanting to start your corporation but uncertain about the process? Let FastStart Your Corporation be your ultimate guide! Discover the essential steps to incorporate your Canadian business with ease and confidence, and ensure that you avoid issues and penalties from overlooking something important. The upfront investment has resulted in significant cost savings for CRA/RQ (postage costs alone have dropped dramatically) while improving accuracy and perhaps most importantly increasing the effectiveness of tax collection efforts. Considerable resources have been spent by the revenue agencies on developing their online portals and encouraging both individual taxpayers and businesses to move the majority of their tax related interactions online (almost every accountant conference has an appearance by a CRA representative talking about the improvements to their online portal and imploring accountants to convince their clients to make the switch). With all data moving to the cloud these days and ubiquitous online access to banking, customer and supplier portals, it makes sense that Revenue Canada (CRA) and Revenue Quebec (RQ) have followed suit.
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