Recently published draft legislation requires that all federal payments of more than $10,000 under the Income Tax Act (Canada) be made electronically as of January 1, 2024. This requirement will apply to payments made by all types of entities (e.g. individuals, corporations, trusts, partnerships etc.) and to all types of payments (e.g. balance of tax payments, instalment payments, deductions at source etc.).
Each federal payment of more than $10,000 not made electronically may be subject to a penalty in the amount of $100.
Therefore, please ensure that all federal payments of more than $10,000 are made electronically as of January 1, 2024.
For more information, please contact your Crowe BGK advisor.