The Government of Canada provides analysis and detailed information on economic indicators using the most recent data from Statistics Canada on the website, www.ic.gc.ca/eic/site/cis-sic.nsf/eng/home. This website can help small to medium sized businesses understand the dynamics of their industries. Users can focus on a single industry over time or compare one industry against another.
Data is segregated based on the North American Industry Classification System (NAICS) code. Within each specific NAICS code is detailed financial performance data. Such data includes, for example, average gross margins, detailed breakdowns of expenses (e.g. repairs and maintenance, labour, professional and business fees) as a percentage of revenues, and certain financial ratios (e.g. current ratio, return on total assets).
Consider using this site to compare your costs as a percentage of revenues to other Canadian companies in your industry.
CRA’s My Account for Individuals and My Service Canada Account are now linked such that users can easily switch between online personal tax information and other benefits (ex. EI, CPP, and OAS).
CRA’s website is also in the process of being moved to https://www.canada.ca/en/revenue-agency.html. The old website http://www.cra-arc.gc.ca/menu-eng.html will remain available until the move to Canada.ca is complete.
Did you know that the timing and amounts of various payments and benefits, such as the Canada Child Benefit or the GST/HST Credit, can be obtained by calling the CRA’s TIPS line at 1-800-267-6999?
You can also:
• Request personalized remittance vouchers and proof of income statements
• Find out the status of your T1 return when your refund will be processed
• Get general information on RRSPs and TFSAs and find out how much room you have to contribute as of January 1 of the current year
• Get general tax information for individuals or businesses
To use the service, you will need to provide:
• Your social insurance number
• Your birthdate
• The total income you entered on line 150 of your recent tax return
• Your postal code.
Most businesses must register for a GST/HST account (and therefore collect and remit GST/HST as appropriate) if they earn revenues from worldwide taxable supplies greater than $30,000 within the previous four consecutive quarters, or exceed the $30,000 threshold in a single calendar quarter. However, a special rule applies to self-employed “taxi businesses” which requires them to register regardless of the quantum of revenues.
There has been some uncertainty as to whether drivers of ride-sharing services, such as Uber, are considered “taxi businesses”.
The 2017 Federal Budget ended this uncertainty. It proposed that, effective July 1, 2017, ride-sharing services will be defined as a “taxi business” for GST/HST purposes and therefore will be required to charge and remit GST/HST. More specifically, a “taxi business” will now include all persons engaged in a business of transporting passengers for fares by motor vehicle within a municipality and its environs where the transportation is arranged for or coordinated through an electronic platform or system, such as a mobile application or website.
Drivers of ride-sharing services should consider registering for GST/HST.