Electronic Remittance above $10K (Reminder)

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:  


  • Update their payment processes to facilitate electronic payments of over $10,000 to the Receiver General of Canada.  

  • Revisit internal financial policies to reflect this change.  

  • Inform and train relevant personnel about this new requirement, especially those in accounting or finance departments. 

  • Establish reliable and secure electronic payment systems.  

  • 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. 

Was this article helpful?

0 out of 0 found this helpful

Have more questions? Submit a request