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The Canadian Federation of Independent Business Shares its 2015 Federal Budget Recommendations

On the dealings of small and medium businesses with the Canada Revenue Agency, the CFIB has the following recommendations:

  • Make the Liaison Officer Initiative Permanent;
  • Enable the Canada Revenue Agency (CRA) to honor all written advice in tax bulletins (expanded from honoring written advice through My Business Account);
  • Ensure all bulletins, letters and correspondence to taxpayers are written in plain language;
  • Equalize the interest differential between money owed by CRA and money owed by taxpayers;
  • Make the audit process less intimidating;
  • Keep pace with the changing world of work;
  • Review rules used to define passive versus active income; and
  • Introduce a simplified method for calculating home-based business expenses.

Also in the report is the recommendation that the small business tax rate should be reduced from 11 per cent to 9 per cent in Canada.

Details on these recommendations and the whole report of the CFIB is available here (et en français ici).

Robert Robillard, CPA, CGA, MBA, M.Sc. Econ.
Senior Partner, DRTP Consulting Inc.
514-742-8086; robertrobillard “at” drtp.ca
www.drtp.ca

DRTP Consulting Inc. solutions go beyond transfer pricing and international tax solutions. The information in this blog post is general information only. Data and information come from sources believed to be reliable but complete accuracy cannot be guaranteed. DRTP Consulting Inc. or the author are not responsible or liable for any error, omission or inaccuracy in such information. The opinions expressed in this blogpost are those of the author. Readers should seek advice and counsel from DRTP Consulting Inc. as required.

Posted by drtp On 5 March 2015