Tax Updates 

FROM: SEP-OCT 2007 ISSUE

Paper or Plastic

After successful pilot tests in B.C., Ontario, Manitoba, and Quebec, the Canada Revenue Agency has effectively discontinued the processing of cash payments at CRA payment counters across Canada. Of the 18.3 million payments made by Canadians between January and June 2007, the majority were made by cheque or through a financial institution. Electronic banking was the third most popular payment method. Only 0.3 per cent of payments were made in cash.

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New GST/HST Processing System

In its continued efforts to reduce the burden of paperwork on small businesses, the Canada Revenue Agency has modernized its GST/HST processing system. The new online system allows GST/HST registrants to:

• find out the status of a payment
• review interest charges and payments
• transfer credits to other accounts
• request additional remittance vouchers, account statements, and notices
• change communication instructions

These services can be accessed through Online Requests for Business (www.cra.gc.ca/requests-business) and My Business Account (www.cra.gc.ca/mybusinessaccount). For more information on the new processing system, go to: www.cra-arc.gc.ca/tax/business/topics/gst/redesign/menu-e.html.

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Wired Filers

More Canadians filed their taxes electronically this year – using EFILE and NETFILE – an increase of 5.2 per cent over the 2006 filing season.

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