Is there a penalty for late filing a NR4 return or not withholding non-resident tax (Part XIII)?
Allan Madan, CA
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.
Disclaimer
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.
ABOUT THE AUTHOR
ALLAN MADAN
CA.CPA.CGA
Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.
.png)
SOCIAL CONNECT