Tax Tip - You've got questions and we've got answers! Here are answers to seven of the top business tax information questions Français

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Canada Revenue Agency

Jun 06, 2024, 09:00 ET

OTTAWA, ON, June 6, 2024 /CNW/ -

Question 1: What are some of the 2024 tax changes that could affect my business?

Last year, there were many announcements for businesses that took effect as of January 1, 2024. These include:

  • Changes to mandatory electronic filing thresholds
  • Changes to electronic filing for GST/HST registrants
  • New reporting requirements for trusts

To help you understand these and other changes, we've pulled together a quick reference tax tip that covers what you need to know. Please check out the reference tax tip here: Here are the top changes this year that will affect business taxes in 2024.

Question 2: How do I register for a business number?

A business number (BN) is a 9-digit number that identifies a business or legal entity. Your business will only have one BN so once you have registered, keep the information safe. If you plan to create a Canada Revenue Agency (CRA) program account or interact with other federal, provincial, and municipal governments in Canada, you might be asked to provide your BN.

Don't have a BN?

The fastest way to get a BN is through the Business Registration Online (BRO) portal.

To request a business number through BRO, you will need to provide your:

  • last name
  • social insurance number (SIN)
  • date of birth
  • personal postal code (where you live)

For more information on how to obtain a business number, go to How to register for a business number or Canada Revenue Agency program accounts.

Once you have registered your BN

Keep your BN in a safe place so that you can reference it in the future. You will now be able to access the tax information associated with this BN in the CRA's My Business Account, as long as your name and SIN match the information the CRA has on file for your business.

Question 3: What is My Business Account and how do I register?

My Business Account is a secure online portal that provides an opportunity to interact electronically with the CRA on various business accounts. Business accounts include GST/HST (except for GST/HST accounts administered by Revenu Québec), payroll, corporation income taxes, excise taxes, excise duties, and more.

You can register for My Business Account using your CRA user ID and password or through a sign-in partner.

If you haven't set up your user ID, visit: Registration process to access the CRA sign-in services 

What you'll need to register:

Steps:

  1. Create a CRA user ID and password if you haven't yet
  2. Enroll in mandatory multi-factor authentication (telephone or passcode grid)
  3. Register for a business number if you do not have one

Note: The CRA has introduced a new way to register for digital services, including My Business Account—the Document Verification Services (DVS), making it easier than ever to sign up. This secure method validates your identity in real-time, granting immediate access without the delay of waiting for a mailed security code. For more information on DVS please visit How can I verify my identity without a CRA security code?

Question 4: Where can I find information on first-time filing as a small business?

The CRA offers a number of tools to help businesses file their income taxes. Here are a few of them:

  • You can check out this tax tip: Do you have questions about filing as a business for the first time? The CRA is here to help
  • Visit our Checklist for Small Businesses, which has an assortment of links to resources that can help you get started with filing your income taxes. In addition, the checklist provides a series of forms and publications that may apply to your situation
  • Meet with a Liaison Officer: The Liaison Officer service is a free service the CRA offers 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

Question 5: What digital services does the CRA offer to small- and medium-sized businesses for managing taxes?

The CRA offers digital services for businesses that will help you:

  • File various types of returns
  • File a notice of objection
  • Make a payment
  • Register a new business and various types of accounts
  • Get information
  • Make an online request
  • Calculate payroll deductions
  • Download or order forms or publications

Our online services make it faster and easier to handle your company's tax matters. You and your authorized employees and representatives can file, pay and access detailed information about your tax accounts. Get started by selecting the online service that is built for you:

Question 6: How do I authorize a representative for my business? 

Representatives are individuals you authorize to help you or your business manage your tax information. 

Business owners can now confirm authorized representatives using My Business Account. This easy, two-step digital process will help you protect your tax information and make authorizing new representatives more efficient and secure. 

It is important to know who your representatives are and what information they have access to. Be proactive and make sure the representatives you have on file with the CRA are current. Follow these steps to remove representatives that are not current using My Account or My Business Account.

Find more information about authorizing and managing representatives here: Authorize a representative - Before you start

Question 7: What tax credits are available for small and medium-sized businesses?

  • The Scientific Research and Experimental Development (SR&ED) tax incentives encourage businesses of all sizes and in all sectors to conduct research and development in Canada. Corporations, individuals, trusts, and partnerships that conduct eligible work may be able to claim tax incentives for the year. Businesses can benefit from SR&ED tax incentives in two ways – a deduction against income or an investment tax credit that can be refundable or non-refundable. To find out if your work qualifies, and to get a better idea of the amount of tax credits you may be able to receive, use our quick and easy Self-Assessment and Learning Tool. Visit canada.ca/taxes-sred to learn more about SR&ED tax incentives.
  • The Canadian Film or Video Production Tax Credit (CPTC) helps cover eligible labour costs for film or video productions. To qualify for the CPTC, productions must be certified by the Canadian Audio-Visual Certification Office. The CRA and the Department of Canadian Heritage manage this refundable federal tax credit, providing valuable support to lower production expenses.

To learn about additional tax credits available to your business please visit Federal tax credits - Canada.ca

If you have further questions

Visit Canada.ca: We're improving the information on our web pages to make it easier for Canadians to find what they need online.

Contacts

Media Relations
Canada Revenue Agency
613-948-8366
[email protected]

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SOURCE Canada Revenue Agency

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Canada Revenue Agency

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Government of Canada