100 penalty per payment
As of January 1, 2024, taxpayers (individuals, corporations, partnerships and trusts) are required to electronically remit all payments over $10,000 to the Agence du revenu du Québec (ARQ) and the Canada Revenue Agency (CRA), under penalty of $100 per payment.
To avoid ARQ or CRA penalties
Most Canadian banks offer a wide range of electronic payment options for ARQ and CRA payments. These options include payment of personal, corporate and trust income tax, as well as source deductions, GST/HST, QST, non-resident withholding tax, and more…
Take a look at your payment options:
- Payment options for businesses – Payments made to the CRA – Canada.ca
- Making a payment for individuals – Payments to the CRA – Canada.ca
- Payment methods | Revenu Québec
Recommendation
Your professionals at Amyot Gélinas recommend that you make electronic payments to the CRA and ARQ, even for amounts under $10,000. What’s more, this method of payment greatly reduces the risk of loss or error in the application of your payments. It also offers you reliable proof of the payment date, established by a recognized organization.
An article from the tax team
