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Late-Filing Penalties – New Policy

posted Oct 31, 2012, 7:50 PM by Margaret Lin CPA, CGA, CFP   [ updated Nov 16, 2012, 8:41 PM ]

May, 2012 - CRA introduced a new administrative policy with respect to late-filing penalties, effective on or after January 1, 2012, for Forms such as the NR4, the T4, the T4A, the T4E, the T5, and the T5018 (Statement of Contract Payments).

 

The penalty is the greater of $100 (minimum $100) or a penalty determined as follows:

Number of information
returns (slips)

Penalty (per day)

Maximum penalty
(100 days)

1 - 5

N/A

$100 flat penalty

6 - 10

$5

$500

11 - 50

$10

$1,000

51 - 500

$15

$1,500

501 - 2,500

$25

$2,500

2,501 - 10,000

$50

$5,000

10,001 or more

$75

$7,500

 

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