CRA’s My Business Account to provide electronic access and accountability
Small businesses are now able to communicate electronically with the Canada Revenue Agency (CRA) through the My Business Account portal. This means that business owners are now able to submit questions electronically to CRA and receive written answers in return. Even more importantly, CRA will honour their response even if it is later found to be incorrect provided they were originally given all the relevant information.
This is welcome news given some of the results from CFIB's Report Card on CRA from earlier this year:
- 57% of small business owners and 78% of tax practitioners did not believe that CRA was accountable for any mistakes they make.
- Over 90% of small business owners and tax practitioners would like to have the ability to electronically communicate with CRA.
Since about half of our members currently use My Business Account and will be able to benefit from this new service right away, we will be closely watching how well CRA delivers the service as well as encouraging other small business owners and their tax practitioners to use it.