Industry Campaign Approach
The Industry Campaign Approach (ICA) is a new initiative launched by the Canada Revenue Agency (CRA) to encourage voluntary tax compliance within various industry sectors. Through the ICA, the CRA works with industry associations in sectors to provide businesses with sector-specific tax information that will help them to comply with their tax obligations. Our objectives:
- enhanced relationships with selected industry sectors;
- more and more useful information and education for businesses on how to avoid potential tax pitfalls; and
- useful industry benchmarks that businesses may find helpful in assessing their financial performance in comparison to others in the same sector.
Small and medium enterprises represent the largest proportion of businesses in Canada. Through the ICA, the CRA is adopting an innovative approach that helps these businesses understand how to meet their tax obligations and improve their tax compliance up-front as a complement to traditional compliance activities. The ICA is intended to encourage businesses to self-correct and take steps to prevent common mistakes, and may even help them avoid more intrusive compliance measures by the CRA in the future.
How does this impact you?
If you are a business in an industry sector covered by a campaign, you will first notice an increase in communication, either through your industry associations or directly from the CRA, on particular tax issues that concern your sector. This communication will also address tax issues raised by industry associations during our work with them to discuss compliance issues. The purpose of providing this information is to increase awareness and to help businesses meet their tax obligations. You can expect to see newsletters or articles from your industry association or directly from the CRA.
If you are a new business in this sector, we will be contacting you to make sure that you receive the support you need to meet your tax obligations "right from the start". We will direct you to available resources (such as the CRA website, instructional videos, call centres) to help you get onto the right path.
We will also be looking at the recent compliance history of businesses in the sector. If a business has a history of late filing or late payment, that business may receive a reminder to file its return or to pay on time.
If you identify a mistake in the documents you filed, now is the time to correct your return, or use the CRA's Voluntary Disclosures Program. You need to do so before the CRA takes compliance action; otherwise, you may be subject to penalties.
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