The federal government has announced a program to cut red tape for Canadian companies that earn less than $200 million in revenues.
On January 21, Andrew Saxton, Parliamentary Secretary to the President of the Treasury Board, and Maxime Bernier, Minister of State, unveiled proposed changes to the Corporations Return Act.
The changes mean only corporations with revenues of more than $200 million, assets over $600 million, or foreign debt and equity over $1 million, will have to report financial and ownership information under the Corporations Return Act.
Foreign controlled assets and revenues will “still be covered.”
Bernier, speaking from Quebec City, said: “As part of our Red Tape Reduction Action Plan’s One-for-One Rule, our Government is reducing the burden of red tape on businesses so that they can do what they do best: create jobs and economic growth.”
The government says that the changes will save 32,000 companies from filing, saving Canadian businesses an estimated $1.2 million in administrative costs.
The last time the thresholds for reporting were amended was in 1981 when they were set at $15 million in operating revenues, $10 million in assets, and foreign debt or equity of $200,000.
To see the press release, click here.