Corporations with annual gross revenue of more than $1 million will be required to Internet file their corporation income tax returns for tax years ending after 2009. Corporations that are exempt from mandatory Internet filing are:
- insurance corporations
- non-resident corporations
- corporations reporting in functional currency
- corporations that are exempt from tax payable under section 149 of the Income Tax Act
The penalty for non-compliance with this filing requirement for tax years ending in 2012 is $500. For tax years ending after 2012, the penalty for non-compliance is $1000.