Canadian Revenue Agency (CRA): The Canada Revenue Agency (CRA) for businesses refers to the branch of the CRA that deals specifically with Canadian businesses in terms of tax collection, compliance, and administration. This includes a wide range of responsibilities and services related to business taxation, such as:
-Tax Collection: Administers corporate taxes, payroll taxes, GST/HST, and other business-related taxes.
-Tax Filings and Compliance: Ensures businesses comply with Canadian tax laws through proper filing of tax returns and documents.
-Audits and Enforcement: Conducts business audits to ensure accurate income reporting and tax payments, and enforces compliance.
-Taxpayer Services: Provides assistance and resources to businesses for understanding and meeting their tax obligations.
-Tax Credits and Incentives Administration: Manages programs like the SR&ED tax incentive to encourage business investment in research and development.
-Business Account Registration: Offers services for businesses to register for GST/HST, payroll, and corporate tax accounts.