Principal Issues: 1. What is the Minister's authority to assess a penalty when a person has late filed Form T106?
2. What is the Minister's authority to assess a penalty after the late filing of T106 when the person's T2 return is statute-barred?
3. If a person files a Form T106 ten years late, what is the Minister's authority to assess a late filing penalty under s. 162(7) of the Act, if there is no gross negligence penalty?
4. How should the Minister calculate interest on a penalty assessed on a late filed T106?
Position: 1. s. 162(7) and (10).
2. There is no relationship between the filing of a T2 return and an information return.
3. S. 220(1).
4. Compound interest is charged from the day on or before which Form T106 was required to be filed.
Reasons: 1. S. 162(7) and (10).
2. The only relationship between the two requirements is that each return has the same due date for filing.
3. S. 162(7) and (10).
4. S. 161(11) and s. 248(11)