ARCHIVED – Filing Penalty – Information Returns
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ARCHIVED – Filing Penalty – Information Returns
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- What are the deadlines for filing information returns?
- What are the penalties for late-filing of information returns?
- Why is the CRA planning to review the penalties for late-filing of information returns?
1. What are the deadlines for filing information returns?
Generally, you have to file an information return by the last day of February following the calendar year to which the information return applies.
2. What are the penalties for late-filing of information returns?
Effective January 1, 2010, the penalty for failing to file an information return by the due date is the greater of $100 or a penalty determined as follows:
| Number of information returns (slips) by type | Penalty (per day) | Maximum penalty |
|---|---|---|
| 50 or less | $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 |
3. Why is the CRA planning to review the penalties for late-filing of information returns?
The graduated penalty structure that is based on the number of information slips was designed to promote fairness. However, small business taxpayers have advised the CRA of situations where the penalties have had a disproportionate impact relative to the financial transactions being reported. The CRA's review of late-filing penalties for information returns will take into consideration any unintended impacts brought to light during the initial year so as to improve fairness in future years.
- Date modified:
- 2015-07-15