![Reality Cheque: Important Update from the Receiver General of Canada (CRA)](https://blog.telpay.ca/wp-content/uploads/2023/12/CRA-Update-Telpay-Blog-1024x577.png)
Starting January 1, 2024, there is a significant change in how businesses can make payments or remittances to the Receiver General of Canada (CRA).
What You Need to Know:
- New Electronic Payment Requirement: For transactions exceeding $10,000, electronic payments are now mandatory. This change aims to streamline processing and enhance security.
- Penalty for Non-Compliance: If payments are made non-electronically for amounts over $10,000, the CRA may impose a penalty of $100. Visit the “Payments to the CRA” page for comprehensive information and guidance