Proposed changes to Canada's Income Tax Regulations will mean that specified businesses must comply with mandatory electronic filing requirements for their tax returns.
The reform measures were first announced in Budget 2009 and the Canada Revenue Agency (CRA) has now proposed that the Regulations be amended to define a “prescribed corporation” as a corporation with gross revenue over CAD1m (USD982,547). These businesses will be required to submit electronic returns.
The companies exempted from the new regulations are: insurance corporations, non-resident corporations, corporations reporting in functional currency, and corporations exempt from tax payable under section 149 the Income Tax Act.
The CRA says that the government's electronic filing measure contributes to sustainable development and reduces the paper burden for businesses. In addition, the CRA has stressed that electronic filing reduces traditional delivery expenses, guarantees immediate acknowledgement of filing, and helps faster processing of returns which translates into faster refunds.
.Tags: tax | law | business | insurance | controlled foreign corporations (CFC) | legislation | tax compliance | Canada | compliance | regulation | legislation amendments | Canada
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