The Canada Revenue Agency reaffirms its commitment to small businesses during Small Business Week 2021
October 18, 2021
Canada Revenue Agency
During Small Business Week 2021, the Canada Revenue Agency (CRA) is recognizing the strength and hard work of Canadian small businesses as they continue to work through the COVID-19 pandemic. The Agency recognizes the impacts that the pandemic is having, particularly on small businesses, and we're here to help. Here are some CRA services that can support you and your small business now and in the future.
The CRA offers a free Liaison Officer service to owners of small businesses and self-employed individuals to help them understand their business tax and GST/HST obligations. A free virtual visit with 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. These personalized sessions exist to provide support and guidance, and are helping to ease the stress of filing during an already chaotic year.
To ease the strain on businesses affected by COVID-19, the CRA continues to administer the CEWS on behalf of the Government of Canada to prevent job losses and help with the transition back into regular business operations. If you have experienced a drop in revenue during the COVID-19 pandemic, you may be eligible for the CEWS. The Government of Canada last extended this program to October 23rd, 2021.
In addition to the CEWS, the CRA also administers the CRHP. This program is designed to encourage businesses to hire and grow as the economy recovers. As a business, you may be eligible for both CEWS and CRHP. While you can claim different subsidies for each claim period, you may only apply for one subsidy per claim period. If you find your business eligible for both subsidies, apply for the subsidy that offers the higher amount.
Electronic filing for businesses
Beginning January 1st, 2022, businesses filing more than five tax slips will be required to file electronically. Electronic filing is faster and more convenient for businesses of all sizes, with fewer errors involved. The My Business Account service offered by the CRA allows businesses to file electronically with instructions. This change benefits Canadian businesses of all sizes by simplifying the filing process. It also gets returns and benefits out to those who need them, faster.
Scientific Research & Experimental Development (SR&ED) Program
The SR&ED Program is the largest Government of Canada program supporting research and development in Canada, providing more than $3 billion in tax incentives through more than 20,000 claims annually. Small and medium-sized businesses file the majority all SR&ED claims, making the program an important source of financial support for these businesses in the post- COVID-19 economic recovery. Read about how the SR&ED tax incentives help businesses grow and reach their goals at Scientific, Research and Experimental Development – Success Stories.
In line with CRA's ongoing transformation towards a culture of service, the SR&ED Program has launched a series of initiatives focusing on the needs of Canadian businesses. SR&ED's latest transformation of the Guidelines on the Eligibility of Work for SR&ED Tax Incentives make it easier for businesses to assess whether their work is eligible for SR&ED tax incentives at the outset, before they apply.
Dedicated to putting people first
The CRA is committed to serving Canadians, and Canadian small businesses. The Agency is actively listening to small business owners and supportive stakeholders to identify what it needs to do to make filing and paying taxes, and receiving benefits, easier. Our goal is to be trusted, fair, and helpful by putting people first.
Canada Revenue Agency
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