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Published | Category : Income tax - businesses

Corporation Income Tax Requirements – Electronic Payments and Online Filing of Income Tax Returns

New requirement for payments of more than $10,000

As of January 1, 2024, corporations must make all payments of more than $10,000 electronically (for example, online or through a financial institution), unless electronic payment is impossible due to special circumstances. Failure to do so may result in a penalty.

Mandatory online filing of income tax returns

For taxation years beginning on or after January 1, 2024, corporations must file their income tax returns online, regardless of their gross revenue. For taxation years beginning before January 1, 2024, corporations are required to file their income tax returns online if their gross revenue exceeds $1 million.

Insurance companies, non-resident corporations, corporations that file their income tax returns in a functional currency (meaning not in Canadian dollars), and corporations that are tax-exempt under Title I of Book VIII of Part I of the Taxation Act are not covered by this requirement.

In addition, as of January 1, 2024, tax preparers who have more than five corporation income tax returns to file for the same taxation year must file them with us online.

Penalties may apply to corporations or tax preparers who fail to meet these obligations.

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