A New Application Aims To Help Small Business Owners Manage Their Taxes | FBC, Canada's Farm & Small Business Tax Specialist

A New Application Aims To Help Small Business Owners Manage Their Taxes

When you run a business, there's something stressful you have to deal with every single year. That'd be your taxes.

However, the Canada Revenue Agency (CRA) seems to be trying to help business owners manage that stress a little bit more successfully.

CRA has recently released an application for smartphones that allows business owners to create reminder alerts for payments, returns, remittances and other tax-related deadlines.

Kerry-Lynne Findlay, minister of National Revenue, explained that this comes in response to requests from many business owners across the country, according to the Globe & Mail.

The application is available now, for free, from the CRA website and from app stores that host mobile applications.

"It is more about just trying to help small business focus on what their priorities are, which is their business, and not having to get all these paper reminders and be in a bit of a panic," Findlay explained, according to the news outlet.

Laura Jones, of the Canadian Federation of Independent Business, also spoke about the app to the Globe & Mail. She noted that it could become a valuable tool for small businesses without administrative assistants or other such employees.

"[Small business owners] are juggling an awful lot of different obligations from various levels of government, as well as their own obligations to their customers and their employees," she explained.

"So something as simple as having a reminder can make a big difference in your day."

So the application will remind you about important dates - what about actually paying your taxes?

The CRA's latest application will help you to make sure you never miss an important deadline. But what about the complicated process of actually filing all your forms and making your payments? Or ensuring that your business gets all the deductions due to it?

For those tasks, you won't be able to rely on an application. You and your business would benefit from a partnership with an income tax return preparation firm (or at the very least, a bookkeeper.)

Then you can rest easy trusting that your business will get as much back come tax time as possible - and you won't have to deal with any stress in the process, either. The CRA's application is helpful, but a strong accounting and tax services team is so much more - they're essential.

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