The Canada Revenue Agency has reminded corporations that for fiscal years ending after 2009, it will be mandatory for those with gross revenues exceeding CAD1m to file their T2 tax returns electronically.
Penalties will be applied to tax years ending after 2010 if corporations fail to file T2 returns via the Internet.
Corporations with gross revenues of less than CAD1m are also strongly encouraged to submit their corporation returns electronically, even if it is not mandatory. According to the Revenue Agency, corporations filing over the Internet can benefit from fewer delays, elimination of traditional delivery expenses, reduction of printing costs, and immediate confirmation of filing.
Annual returns can be submitted using Canada Revenue Agency-certified software packages, a list of which has been made available on the Agency's website.
Other online services allow businesses to view the status of their return through secure access, to transfer payments within an account, to view account balances and transactions, and to authorize a representative to access their account information.
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