Transcript

Host: Welcome to the segment called Electronic services for businesses part of the Starting Your Business video.

I'm your host Janice Novak.

With me is Diane Rice who will share with us, in this segment, information that she has obtained from the CRA about electronic services for businesses.

Welcome Diane.

Subject matter expert: Thank you Janice.

Host: Everything is going electronic these days. Can you tell us what a new business can do electronically with the CRA?

Subject matter expert: The CRA is simplifying preparing and submitting tax information through electronic services such as My Payment, My Business Account, and My Account.

Host: Diane, briefly give me an idea of what each service offers a small business. Let's start with My Payment.

Subject matter expert: Sure Janice. My Payment is an electronic payment service offered by the CRA that uses Interac Online to allow individuals and businesses to make payments directly to the CRA from their online banking account in one simple transaction.

To see if your bank or financial institution participates or for any other information on My Payment, go to www.cra.gc.ca/mypayment.

Host: What can the CRA's electronic service My Business Account offer small business owners and their authorized representatives?

Subject matter expert: With My Business Account, business owners and their authorized representatives can access their GST/HST, payroll, corporation income taxes, excise taxes, excise duties and other levies accounts online.

They can access program accounts to file most types of returns, view return status, and view account balances and transactions. With My Business Account, a business owner can also view and update their business's operating name, view their direct deposit information and manage their authorized representatives.

Employers can calculate payroll deductions, and file T4s and summaries.

The new Message Centre service provides non-account specific messages about new or enhanced online services, legislative or procedural changes that may affect businesses, and other general information.

Host: It sounds like a terrific option for businesses to use. Where can they find out more?

Subject matter expert: New information and services are added to My Business Account every six months. For up-to-date information on what is available, keep checking the My Business Account webpage at www.cra.gc.ca/mybusinessaccount.

Host: The third service you mentioned was My Account? What can you tell us about that service?

Subject matter expert: Self-employment income from a sole proprietorship or a partnership is reported on the T1 Individual Income Tax and Benefit Return or T1 return.

If you are a sole proprietor or partner, through My Account you're able to view your T1 return, check the status of your assessment, and view your notice of assessment, and any adjustments.

For more information on My Account, go to the My Account webpage at www.cra.gc.ca/myaccount.

There is also a CRA webpage for businesses where you can find a list of links to information, organized by tasks; such as paying, filing, calculating and others. Go to the CRA webpage at www.cra.gc.ca/businessonline.

Host: Thanks Diane.

This concludes the segment on electronic services for businesses, part of the CRA's Starting Your Business video. Thank you for watching.