The government released draft legislation under new subsection 160.5(2), which requires making payments and remittances to the CRA through electronic means where the amount of the remittance or payment exceeds $10,000.
There is an exception if the payor or remitter cannot reasonably remit or pay the amount electronically. It is unclear what the threshold for “cannot reasonably remit” is, but it could open up a can of worms.
This measure applies in respect of payments and remittances made after 2023.
If your tax payments exceed $10,000, you can no longer make these payments using a cheque. There are many Canadians who prefer to make payments the old-fashioned way. The good news is that this is still draft legislation. If you have any reservations, please get in touch with your local MP by clicking here.
