Canada is internationally recognized as one of the best places to do business. To continue to improve the conditions for doing business in Canada, on October 1, 2012, the federal government introduced the Red Tape Reduction Action Plan. This action plan will be implemented over the next three years, putting into practice common-sense solutions to burdensome barriers identified by Canadian businesses. Some parts of the plan will affect Canadian tax compliance reporting.
The action plan is made up of three major themes, which contain a total of six fundamental or systematic reforms. These in turn are supported by 90 department-specific changes.
The goal of the “One-for-One” Rule is to reduce the time and resources spent by business to comply with government regulations. This goal will be achieved by doing two things:
The Small Business Lens will ensure that regulatory requirements do not have unintended effects on small business. Regulators will be required to: