The following is now available on the CRA Web site: Did you know… For tax years ending after 2009, it will be mandatory for corporations with gross revenues exceeding $1 million to file their T2 corporation returns via the Internet. It is important to note that penalties will be applied to tax years ending after 2010 if you do not file your T2 corporation return using the Internet. Corporations with gross revenues of less than $1 million are strongly encouraged to submit their corporation returns electronically, even if it is not mandatory. Corporations filing over the Internet can benefit from [More]
The following is now available on the CRA Web site: Did you know… The Canada Revenue Agency (CRA) and the Ontario Ministry of Revenue have announced a single system for corporate tax filing in Ontario, which will save Ontario businesses up to $100 million in total administrative costs each year. Starting in 2009, the CRA will administer Ontario’s corporate income tax, corporate minimum tax, capital tax, and special additional tax on life insurers, as well as the Ontario Corporations Information Act Annual Return, which will be included in a single T2 tax return. This means that Ontario businesses will benefit [More]