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Tax Tip/New for the 2012 Tax Year-Mandatory Electronic Filing for Tax Preparers


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© Marketwire 2012
2012-12-14 16:22:12 -

OTTAWA, ONTARIO -- (Marketwire) -- 12/14/12 --
Did you know?
If you are an individual, a corporation, or a partnership, and you accept payment to prepare more than 10 income tax returns per year, you are considered a tax preparer and you have to file those returns electronically.
T1 and T2 returns
Effective January 1, 2013, mandatory electronic filing applies to both T1 General (income tax and benefit returns) and T2 corporation income tax returns for 2012 and later tax years.

- To file T1 returns electronically, you must first register with the Canada Revenue Agency (CRA) through its Web site. If you haven't already done so, you can register for electronic filing : www.efile.cra.gc.ca/l-rgstr-eng.html now. Tax preparers who have an EFILE : www.efile.cra.gc.ca/ number have to renew through the Web site each year.
- To file T2 corporation returns electronically, you must use approved commercial software and transmit returns using the CRA's Corporation Internet Filing : www.cra-arc.gc.ca/esrvc-srvce/tx/bsnss/crpnt/menu-eng.html service or the available service in Represent a Client : www.cra-arc.gc.ca/esrvc-srvce/tx/rprsnttvs/menu-eng.html .
- Electronic filing is easy and allows the CRA to process returns more quickly, which means a faster refund for your clients.
- There may be penalties for those who don't comply with mandatory electronic filing requirements.
More information
For more information on mandatory electronic filing, go to www.cra.gc.ca/mandatoryelectronicfiling : www.cra.gc.ca/mandatoryelectronicfiling .
Stay connected
To receive updates when new information is added to our Web site, you can:
- Follow the CRA on Twitter - @CanRevAgency : twitter.com/canrevagency
- Subscribe to a CRA electronic mailing list : www.cra-arc.gc.ca/esrvc-srvce/mllst/sbscrb-eng.html .
- Add our RSS feeds : www.cra-arc.gc.ca/esrvc-srvce/rss/menu-eng.html to your feed reader.
You can also visit our YouTube Channel : www.youtube.com/canrevagency for tax-related videos.


Contacts:

Noel Carisse

Media Relations

Canada Revenue Agency

613-952-9184



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