Minister of National Revenue, today met with members of the local business community to discuss a number of initiatives the Canada Revenue Agency (CRA) has introduced to reduce the burden placed on small businesses.
“I am pleased to announce that as part of Economic Action Plan 2012, the Harper Government has extended the Mineral Exploration Tax Credit for another year,” said Minister Shea. “Whether it’s gold, uranium, nickel, potash, or diamonds, mining is a major contributor to our economy and a major source of jobs for Canadians.”
The Mineral Exploration Tax Credit is intended to promote growth in mineral exploration in Canada. This important tax incentive is a 15%, non-refundable credit designed to support junior exploration companies in particular. These are the entrepreneurs who make the discoveries that lead to new mines and, in turn, to job creation and a strong, internationally competitive mining sector in Canada.
During the roundtables, Minister Shea also highlighted several measures that the government has introduced recently to help reduce the burden on small businesses:
- Economic Action Plan 2012 extended the Hiring Credit for Small Business, which helps offset the cost of hiring new employees and will be automatically applied when a qualifying business files its 2012 T4 information return. The CRA will calculate it for you, no added burden.
- The new My Business Account Inquiries Service provides businesses, or their representative, with a secure online portal to ask the CRA tax-related questions specific to their account. Businesses then receive answers they can rely on online and in writing, in the Message Center.
- Since January 2012, businesses can file up to 50 information returns in a single submission using the CRA’s Web Forms application – fast, easy, and secure.
- To serve Canadian business owners better, the CRA recently created a one-stop shop Web page where businesses can find information and service options that may apply to their situation. Visit it at www.cra.gc.ca/businessonline.
- The CRA also changed the penalty structure that is applied for failure to file an information return by the due date for some small businesses. The new administrative structure, which applies to specific information returns, has lowered the penalties for businesses who file fewer than 11 slips. For example, those filing one to five qualifying returns will have a maximum penalty of $100 under the new structure, as opposed to $1,000 previously.
“These improvements to CRA’s online services are one way we are cutting red tape for small businesses so they can focus on what they do best: creating jobs and economic growth in communities across Canada,” said Minister Shea.
For more information visit the CRA website