Advantages of Corporation internet filing

Internet filing offers the following distinct advantages:

  • convenience – file from the office or from home – the Corporation Internet Filing service is available 21 hours a day, Monday to Saturday, and 20 hours on Sunday.
  • traditional delivery expenses and delays are eliminated with internet filing.
  • immediate acknowledgement of filing – no more guessing as to whether your return has been received.
  • sustainable development – reduces paper consumption and storage requirements.

What will happen if company required to internet file return but it send the CRA a paper return instead?
CRA will process the paper T2 return through traditional methods, and apply a penalty for non-compliance. The penalty for tax years ending in 2012 is $500. For tax years ending in 2013 and subsequent, the penalty is $1,000.