Beginning January 1, 2024, businesses filing six or more information returns (slips and summaries) must file electronically
Examples of information returns include the T4 payroll return (renumeration paid), T5(Investment income), T3(trust income) and T4A (pension and other income return).
As at today, businesses filing five or fewer information returns can still choose to file by paper.
There will be a $125 penalty introduced starting January 1, 2024 to businesses who file paper returns in the 6-50 range.