CRA aims for fewer audits, re-assessments, fines and less red tape with support project
The Canada Revenue Agency (CRA) says it will expand its liaison officer initiative (LOI) pilot project to British Columbia, the Prairies and Atlantic Canada in fall 2014.
LOI pilot projects launched in Ontario and Quebec during March 2014 to provide small- and medium-sized businesses with in-person CRA support to help operations grow and avoid costly mistakes down the line.
As part of the pilot project, businesses in industry sectors selected for the pilot will be contacted by the CRA and a liaison officer will offer a voluntary face-to-face visit to focus on educational and preventative measures to improve voluntary compliance. Businesses that accept the CRA’s offer could benefit from activities such as books and records reviews, as well as compliance support arrangements, according to CRA.
“The CRA [LOI] is a welcome addition to the suite of CRA services that help small businesses in Canada focus on growing their business instead of dealing with red tape,” Corinne Pohlmann, senior VP of national affairs for the Canadian Federation of Independent Business, said in a statement. “We are encouraging small businesses to participate in this new initiative. If approached by a CRA Liaison Officer, they’ll be provided with valuable information and support that will help them save a lot of time and money,” added Pohlmann.