If you fail to file tax slips by the due date you will be subject to late filing penalty based on the number of slips you file late. For 1-50 slips, the penalty is $10 per day up to a maximum of $1,000. For more information check out this section on the CRA website.
However, the CRA has implemented a new administrative policy for small businesses that applies to T4s,T4As, T4Es, T5s, T5018s, and NR4s. If you issue less 5 or fewer information slips, your penalty is a flat rate of $100. The filing due dates for information returns and slips vary:
- T3s should be filed no later than 90 days after the trust’s year end.
- T4s should be filed by the last day of February.
For more information on due dates check out this.
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.