New for the 2012 tax year-mandatory electronic filing for tax preparers
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 now. Tax preparers who have an EFILE number have to renew through the Web site each year.
- 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.
For more information on mandatory electronic filing, go to www.cra.gc.ca/mandatoryelectronicfiling.