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INTRODUCING THE NEW CONFIRM MY REPRESENTATIVE SERVICE.
October 14th 2021
On October 18, 2021, the Canada Revenue Agency (CRA) is introducing a new, two-step verification process to make authorizing a representative more efficient and secure. The new process makes it easier for business clients to confirm who has access to their personal and tax information, helping you play an active role in protecting your information. You can now verify who has access to your business tax information by signing in to My Business Account, without waiting for a confirmation call from the CRA.
The new process applies to all new authorization requests including adding a new client or requesting a higher level of access to an existing client’s information. If we already have a client’s authorization and do not need to change the level of access, you will not be affected.
How it works:
1. The first step is making sure you have access to My Business Account. If you haven’t used the CRA’s digital services before, you will need to register for an account. CRA has created a step-by-step video that walks through the process of registering.
· How to Register for My Business Account
2. Once registered, we recommend you enable email notifications to make sure you are notified when you receive a new authorization request. Find out more about how to enable email notifications for businesses.
3. Sign the certification page that we use to request verification.
4. You will be notified by email when we submit the authorization request – if you have enabled email notifications – that someone has requested access to your account. You must then sign in to My Business Accountto confirm or deny the pending request with the click of a button found in the Authorized Representatives section of your account.
5. Once a request is confirmed, we will be granted access within one business day. You must confirm or deny the authorization request within ten business days, or the request will be cancelled and we will need to submit a new one.
March 21st 2020
COVID-19 POLICY CHANGES
SMD Finance has the following measures in place to alleviate some of the financial burden posed as a result of the current State of Emergency:
• All tax returns must be completed via email
- in return you will receive a 5% discount if filed by April 30th 2020
• Payment arrangements can be made should you be experiencing considerable financial hardship due to COVID-19
- in order to qualify you must be in receipt of the Goods and Services Tax Credit (GSTC) for the 2019-2020 benefit year
- payment can be deferred as late as August 31st 2020
- additional conditions apply, contact 1(365)336-4185 for details
• 24 hour communication will be kept in a best effort to have your returns completed and and refunds deposited as soon as possible
• Fees will be waived for all direct deposit enrollments and updates
The Canada Revenue Agency has made the following announcements to provide income support:
For individuals (other than trusts), the return filing due date will be deferred until June 1, 2020. However, the Agency encourages individuals who expect to receive benefits under the GSTC or the Canada Child Benefit not to delay the filing of their return to ensure their entitlements for the 2020-21 benefit year are properly determined.
The Canada Revenue Agency will allow all taxpayers to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020. This relief would apply to tax balances due, as well as instalments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period.
The Government is proposing to provide a one-time special payment by early May 2020 through the Goods and Services Tax credit (GSTC). This will double the maximum annual GSTC payment amounts for the 2019-20 benefit year. The average boost to income for those benefitting from this measure will be close to $400 for single individuals and close to $600 for couples.
For over 3.5 million families with children, who may also require additional support, the Government is proposing to increase the maximum annual Canada Child Benefit (CCB) payment amounts, only for the 2019-20 benefit year, by $300 per child. The overall increase for families receiving CCB will be approximately $550 on average; these families will receive an extra $300 per child as part of their May payment.
Together, the proposed enhancements of the GSTC and CCB will give a single parent with two children and low to modest income nearly $1,500 in additional short-term support.
More information can be found at https://www.canada.ca/en/department-finance/economic-response-plan.html#individual please keep in mind the following recommendations:
• In order to receive your July payments for benefits and credits, taxes must still be filed by April 30th 2020
• In order to receive the proposed one time payment of GSTC in may of 2020, 2018 tax returns should be filed no later than March 24th 2020
• Any previous outstanding balance is still due and must be paid to prevent accumulation of penalties and interest.
I wish you the best of health and wellbeing during these trying times. Please do not hesitate to contact me at any time should you have any questions.