(NC) If you’re a small business owner, you have a lot to keep up with when it comes to balancing the books and filing your taxes. Fortunately, there are resources you can take advantage of to help you.
One thing to keep in mind is the Canada Revenue Agency (CRA) Liaison Officer service. This free program offers in-person help for you to understand and meet your tax obligations. It can also help you reduce common tax reporting errors, which can be costly in the long run.
During an in-person visit or seminar, the liaison officer will answer tax-related questions, discuss business tax deductions, explain general bookkeeping concepts and best practices, and provide an overview of helpful tools and services offered by the CRA. They’ll also explain common tax errors and financial benchmarks for the specific sector your business operates in or others like it.
During one-on-one visits, the liaison officer will even offer to review your books and records and recommend how to strengthen your bookkeeping system. These visits are not audits, and they do not result in reassessments.
There are over 130 liaison officers across the country, including a recent expansion to the northern territories. Requesting a visit is easy and can be done online at canada.ca/cra-liaison-officer.
Comments