Penalty for Failure to Follow Filing Procedures
Corporations with more than $1 million in gross revenue are required to file their income tax reports online. Failure to do so renders them liable to a $1,000 penalty.
Note that this requirement does not apply to the following corporations:
- insurance corporations;
- non-resident corporations;
- corporations that file their income tax returns in a functional currency;
- corporations that are tax-exempt under Book VIII of Part I of the Taxation Act.
For more information, click Filing the Corporation Income Tax Return.