CSA targets arrangements between dealers and portfolio managers

Financial advisors who are self-employed and those with business-owner clients may find it easier to deal with the Canada Revenue Agency (CRA) following the agency’s announcement on Tuesday that it’s introducing enhanced services for small and medium-sized businesses.

Specifically, the CRA says its goal is to make its services for these taxpayers “more helpful and easier to use.” The report, entitled Report on the Canada Revenue Agency’s 2016 Serving You Better consultations with small and medium businesses, and the resulting changes announced follow the CRA’s extensive consultations with these business sectors in the autumn of 2016.

The CRA’s announcement lists the top 10 areas in which the federal tax agency is planning to make changes — the vast majority of which are apparently designed to greatly improve communications with the CRA.

These changes include: a dedicated telephone service for those preparing returns, including help with more complex technical issues; requesting a visit from a liaison officer; permission to provide T4 slips to employees in digital form; “how-to” videos; better telephone service; and more timely resolution of objections.

The consultations were conducted in partnership with the Canadian Chamber of Commerce and the Chartered Professional Accountants of Canada. More than 1,500 comments were received from stakeholders.

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