How many miles are on the car?
The first step is to check for TSB's (Technical Service Bulletins). These are known issues for this code and car. I just checked on TIS (Toyota Information System) and there are no bulletins.
The next step would be to clear the code by disconnecting the car battery for 1-2 minutes, make sure the gas cap is on tight and drive the car and see if the light comes back on. It may take a few days to a few weeks depending on your driving habits.
If it does come back on, you will need to replace the Charcoal cannister for the Evap system and the CCV(closed cannister Valve) located near the air box. The Toyota parts dept will help locate and price these components for you.
This is a common code for this year and mileage Corolla and will not hurt your car to drive it as is.
Please ask more of me if you feel the need.
After clearing the code the light comes back in couple of days.
If I don't replace the parts you mention above, will this problem affect the results on my emission test, which is due this month. Can I pass the emission test levels?
It will not effect the emissions at all but I think one of the requirements is that the check engine light be off. If this is the case, then you wont pass. You would have to check with your state as I live in a state with not such testing.
The charcoal cannister is located at the rear of the car, in center of car near muffler. The air box is where your air filter is.
This what the cannister looks like...