Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
Principal Issues: See Q&A
Position: See Q&A
Reasons: See Q&A
CLHIA ROUNDTABLE - MAY 2009
Question #10
Electronic Filing
In order to improve efficiencies at the CRA, the 2009 Federal Budget proposes the mandatory electronic filing of income tax returns by prescribed corporations. See Annex 5, "Canada Revenue Agency Strategic Review: Electronic Filing" and proposed subsection 150.1(2.1). It is indicated that "The CRA may provide exceptions for corporations of a type in respect of which the CRA would not generate efficiencies through electronic filing. These could include, for example, non-resident corporations, insurance corporations, and corporations filing in a functional currency." Specifically, for insurance corporations, the exception should be made because Schedule 150 is not available electronically.
Question
Can the CRA please confirm that insurance corporations will not be prescribed corporations for the purposes of proposed subsection 150.1(2.1)?
CRA Response
Subsection 150.1(2.1) received royal assent on March 12, 2009 making electronic filing mandatory for prescribed corporations for taxation years that end after 2009. The Director General, Business Returns Directorate is delegated the authority to determine which corporations are prescribed for the purposes of subsection 150.1(2.1) and this determination has been made. CRA can confirm that insurance corporations will not be prescribed corporations and will therefore be exempt from mandatory electronic filing.
Please refer to CRA's website: www.cra-arc.gc.ca What's new for Corporation Internet Filing / Mandatory Internet Filing of T2 Returns
2009-031673
Alison Campbell
May 1, 2009
All rights reserved. Permission is granted to electronically copy and to print in hard copy for internal use only. No part of this information may be reproduced, modified, transmitted or redistributed in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, or stored in a retrieval system for any purpose other than noted above (including sales), without prior written permission of Canada Revenue Agency, Ottawa, Ontario K1A 0L5
© Her Majesty the Queen in Right of Canada, 2009
Tous droits réservés. Il est permis de copier sous forme électronique ou d'imprimer pour un usage interne seulement. Toutefois, il est interdit de reproduire, de modifier, de transmettre ou de redistributer de l'information, sous quelque forme ou par quelque moyen que ce soit, de facon électronique, méchanique, photocopies ou autre, ou par stockage dans des systèmes d'extraction ou pour tout usage autre que ceux susmentionnés (incluant pour fin commerciale), sans l'autorisation écrite préalable de l'Agence du revenu du Canada, Ottawa, Ontario K1A 0L5.
© Sa Majesté la Reine du Chef du Canada, 2009
Email this Content