About Us

Scarrow Yurman & Co is an innovative practice with the right mix of professional skills, industry experience, and forward-looking perspective. Exceptional service with a personal touch is the cornerstone of our business. Clients rely on us to keep pace with accounting and tax trends, listen to their needs, and remain innovative in our processes and use of technology—so you always get our best! We typically work with owner-managed businesses in York Region and the GTA whose annual revenues range from $1M to $100M. Some of the industries we serve include:

  • Contracting
  • Legal professionals
  • Manufacturing & distribution
  • Medical and related clinics
  • Registered charities and Not-for-profit Sector
  • Technology
  • Veterinary clinics
Careers
Contact Us
  • Professional Accounting Firm
  • (905) 475-5200
  • [email protected]
syc-logosyc-logosyc-logosyc-logo
  • Services
  • Our Vision
  • Our Team
  • Careers
  • Case Studies
  • Contact Us
  • Blog
CLIENT PORTAL
✕
How RRSP Contributions Work
February 7, 2013
Obtaining Online Access to Accounts at Canada Revenue
April 3, 2013

Mandatory Requirements For Efiling Personal & Corporate Tax Returns

Categories
  • Corporate tax returns
  • CRA
  • Personal tax returns
Tags
  • electronically
  • file

Starting in January 2013, CRA requires tax returns to be filed electronically. This applies to both T1 individual income tax returns and T2 corporation income tax returns for 2012 and subsequent tax years.

If the taxpayer does not comply, a penalty will be charged of $25 for each T1 personal tax return that is paper-filed and $100 for each T2 corporation return that is paper-filed.  Also, a further penalty will be charged to corporations eligible for efiling who paper-filed the corporate tax return.  The penalty for tax years ending in 2012 is $500. For tax years ending in 2013 and subsequent, the penalty is $1,000. I I guess this means that the CRA is serious about having all incoming returns in electronic form.

The following returns do not need to be filed electronically:

  • Tax returns for tax years before 2012;
  • excluded T1 personal tax returns – such as non-resident tax returns, returns that are     “multiple jurisdiction” returns where income is allocated amongst provinces for self employed individuals; and
  • T2 corporation returns with “restrictions” – very rare.

Please refer to the CRA website, link below, for further information on this mandatory requirement as well as a list of T1 personal tax return exclusions and T2 corporation return restrictions. Scarrow and Company will of course get your returns e-filed as appropriate so having any of these penalties should never be a problem you run into.

http://www.cra-arc.gc.ca/esrvc-srvce/tx/prprrs/mndtrylctrncflng-eng.html

Share
46

Related posts

November 9, 2021

WILL AND BENEFICIARY DESIGNATIONS: Are they current?


Read more

annual tax bill

September 28, 2021

CRA COLLECTIONS: Potential Impact on Business


Read more
April 8, 2021

COVID-19 Interest Relief for Personal Taxpayers – But Penalties Still Apply!


Read more
© 2023 Scarrow Yurman & Co | All Rights Reserved

Privacy Policy | Terms of Use

CLIENT PORTAL
  • Professional Accounting Firm
  • (905) 475-5200
  • [email protected]

    Your Name (required)

    Company Name (required)

    Your Email (required)

    Phone Number (required)

    Service Interest (required)

    Comments