Good news for small businesses that use the low value shipment (LVS) program for North American imports. The Ministers of International Trade and Public Safety along with the United States Department of Homeland Security announced that Canada and the U.S. have increased and harmonized the value thresholds for the LVS to $2,500. This is an increase from the current levels of $1,600 for Canada and $2,000 for the U.S.
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The Canada Revenue Agency (CRA) offers a number of videos to help businesses understand their tax responsibilities. The videos give information on key matters for starting a new business, payroll matters, what to expect from an audit, and more.
