The Canada Revenue Agency introduced significant changes to budget reporting requirements this year. Most notably, organizations with annual revenues exceeding M must now submit quarterly compliance reports rather than annual ones.

What caught many finance teams off guard was the new digital filing requirement. Paper submissions are no longer accepted for companies incorporated after December 2024. This shift affects roughly 15,000 Canadian businesses.

The penalty structure changed too. Late filings now carry a flat 0 fee plus 1.5% of the filing amount monthly. Previously, penalties were calculated differently, often resulting in lower costs for delays.