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TAX TIP Running a business is difficult; understanding your tax obligations

Tuesday, 25 January 2022 12:00.PM

The Canada Revenue Agency offers free Liaison Officer services to owners of small businesses and self-employed individuals to help them understand their tax obligations. A visit from a Liaison Officer is 100% confidential: the information you choose to discuss with them will not be shared with other areas of the CRA, or anyone else.

Did you know that the CRA has helped over 17,000 small business owners and self-employed individuals virtually through the Liaison Officer service since the beginning of the pandemic and over 69,000 small business owners and self-employed individuals since the start of the program in 2014.

How can this service help you?
There are two ways that businesses or self-employed individuals can benefit from the Liaison Officer service:

1. personalized visits by phone or online (videoconference)
2. webinars for associations or groups

During a personalized visit, a liaison officer will:

• Answer your tax-related questions and address concerns
• Discuss common tax errors and financial benchmarks in the small business community
• Provide information on various online tools and electronic services offered by the CRA
• Provide recommendations on how to strengthen your bookkeeping system
• Discuss COVID-19 related measures, if needed

During a webinar, the liaison officer will:

• Explain common tax errors
• Demonstrate how to use financial benchmarks for relevant industries
• Provide information on the CRA's services
• Explain general bookkeeping concepts and best practices
• Discuss COVID-19 related measures, if needed
• Find out more about the Liaison Officer service and request your appointment today.

SOURCE: Canada Revenue Agency

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