Starting January 1, 2024, any payment or remittance exceeding $10,000 to the Receiver General of Canada must be completed electronically. Exceptions are made for cases where electronic payment is not feasible, but failure to comply may result in a penalty.
Employers should:
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Update their payment processes to facilitate electronic payments of over $10,000 to the Receiver General of Canada.
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Revisit internal financial policies to reflect this change.
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Inform and train relevant personnel about this new requirement, especially those in accounting or finance departments.
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Establish reliable and secure electronic payment systems.
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Conduct regular audits to ensure compliance with this new regulation.
By taking these steps, employers can ensure compliance with the new regulations and avoid potential penalties.