If you fail to file an information return by the due date, Canada Revenue Agency may assess a late filing penalty. The penalty is the greater of $100 or:
No. information returns (slips) / Penalty (per day) / Maximum penalty
1 - 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
The following types of information returns are subject to the above penalty structure:
Canada Revenue Agency has instituted an administrative policy that applies to certain information returns filed by small businesses. Information returns received on or after January 1, 2012 will be subject to the new policy. The penalty is the greater of $100 or:
No. 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
The following types of information returns are subject to the above penalty structure:
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