Yes, there is a penalty for both. The minimum penalty for filing the NR4 after the deadline is $100 and the maximum penalty is $7,500. To learn more specific details about the penalty amount, check out the CRA website section.
The penalty for failing to withhold and remit Part XIII is 10% of the amount that was required to be deducted. If an individual fails to withhold and remit the required tax more than once in the same calendar year, the penalty may be increased to 20% for the second or later failures. As well, the individual may be subject to interest starting from the date the payment was due.
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