Tax Tip – Making changes to your business? The Canada Revenue Agency is here to help!

Small Business Canada

OTTAWA, ON, March 11, 2022 /CNW/ – The Canada Revenue Agency (CRA) understands that many businesses are going through changes as they recover from the COVID-19 pandemic. We are available, year round, to help small and medium businesses with their unique needs. As you go through business changes, you may face different requirements as you manage your tax affairs. We are here to help.

Make updates online

Visit the Changes to your business and Canada Revenue Agency program accounts page to get the information you need for your next steps when your business is going through changes. You can easily make some business changes online through My Business Account, a service that will protect your information as it is more secure.

Here are some updates you can make online:

Save time when updating your business changes by signing up for My Business Account.

Getting back to business

As Canada continues to recover from the COVID-19 pandemic, businesses are resuming operations. When you resume your business operations, depending on your situation, you may need to contact us:

  • When you decide to re-open a business account, including a payroll or GST/HST account, and the legal entity has not changed – all you need to do is ask by calling us at 1-800-959-5525 (note that you may be asked to provide additional information to confirm your identity if you phone in.)
  • If the legal entity has changed – we consider you to be a new business and you will need to register for a new business number and new program accounts.
  • If you dissolved a corporation and would like to re-open a Corporate Income Tax account – you must send articles of revival to your tax services office. To find your office go to Tax services office and tax centres. Reviving a corporation is not a change in the legal entity.

Other changes the CRA needs to know about

The CRA gets thousands of questions each year from businesses looking for help as they change. Our Changes to your business and Canada Revenue Agency program accounts page will give you information on what the CRA needs in many common situations, such as:

  • Administrative changes – Among other things, you have to contact the CRA if you want to change your fiscal year-end, the name or address of your business or the business activity you’re engaged in. You’ll also have to inform the CRA whenever one of the owners, partners or directors of your business changes. You can also contact us to update your phone number and email address.
  • Growing your business – Information is available on the tax implications of buying a business, opening more branches, locations and divisions; bringing personal assets into your business; adding CRA program accounts to your business number, and more.
  • Changes to business operations – Find out what the CRA needs if you are looking to temporarily stop business operations or sell your business, close CRA program accounts; file for bankruptcy or enter into receivership; if there has been a retirement or death of business owner or partner, and more.
Tax Tip – Making changes to your business? The Canada Revenue Agency is here to help! Share on X

Liaison Officer service

The CRA offers a free Liaison Officer service to owners of small businesses and self-employed individuals to help them understand their business tax obligations. The CRA has many products and services tailored for these businesses. Our Liaison Officers are available year round to guide you through these over the phone and/or through videoconference. The information you choose to discuss with a Liaison Officer will not be shared with other areas of the CRA, or anyone else. 

You can request a visit from a Liaison Officer using our online request form.

Stay connected

SOURCE Canada Revenue Agency

author avatar
CanadianSME
With an aim to contribute to the development of Canada’s Small and Medium Enterprises (SME’s), Cmarketing Inc is a potential marketing agency and a boutique business management company progressing rapidly in its scope. By acknowledging a firm reliance of the Canadian economy over its SMEs, the agency has resolved to launch a magazine, the pure focus of which will be the furtherance of Canadian SMEs, and to assist their progress with the scheduled token of enlightenment via the magazine’s pertinent content.
Share
Tweet
Pin it
Share
Share
Share
Share
Share
Share
Related Posts
Total
0
Share