Business Information

New Tax Rules Could Affect You

Coping with taxes - from income tax, to sales tax, to payroll tax - is one of the most complicated chores faced by business owners. Whether figuring out how a tax applies to your business, completing the paperwork required to remit the many different taxes throughout the year, or simply finding the right information and forms, it can seem overwhelming.

For several years, the Canadian Federation of Independent Business has been working with the Canada Revenue Agency (CRA) to help CFIB members save valuable time and money. We're trying to reduce the paperwork required of small business owners, while also lobbying to have various pieces of tax legislation changed to better serve our members' interests.

One of our most recent victories involved changes to the number of times a small business must remit corporate and personal income taxes, payroll deductions, and GST/HST. The fewer times business owners are required to remit such taxes means less paperwork and more time spent running the business, or with friends and family.

For example, we recently saw the corporate income tax instalment threshold raised from $1,000 to $3,000. This means that, if you pay less than $3,000 a year in corporate income tax, you are not required to pay those taxes by instalments.

CFIB members can learn more about these rule changes and whether you can take advantage of them in the Member Centre area of our website.

If you are not a CFIB Member and would like to know how to become a member, please visit the About CFIB section of our website.