We’re writing to inform you about an important update regarding your payments or remittances to the Receiver General of Canada.
What’s Changing?
As of January 1, 2024, if your payment amount to the Receiver General of Canada is more than $10,000, it must be made as an electronic payment. This is a significant change that aims to streamline the payment process and ensure timely and efficient transactions.
What Does This Mean for You?
This change means that you will need to adjust your payment methods for any remittances over $10,000. Instead of traditional methods, you will need to make these payments electronically. This can be done through various online banking platforms or other electronic payment methods. We have prepared detailed instructions for you in this article: Make a Tax Payment Using CRA’s Online Portal – Horizon CPAs.
Are There Any Exceptions?
Yes, there are exceptions to this rule. If you cannot reasonably remit or pay the amount electronically, you may not face a penalty. However, it’s important to note that what is considered “reasonable” will be determined on a case-by-case basis.
Potential Penalties
Please be aware that failure to comply with this new rule could result in penalties. It’s crucial to adapt to this change as soon as possible to avoid any potential issues.
We’re Here to Help
We understand that this change may require some adjustments. If you need help navigating this change or have any questions, please don’t hesitate to reach out to us. We’re here to help with all your financial needs.
For more details, you can read the official government announcement linked here: How to remit (pay) – Canada.ca
