The Canada Revenue Agency has a new, more fair penalty structure in place, effective January 1, 2012.  This penalty structure applies to certain late filed information slips (T4 slips, T4A slips, T5 slips, T5018 slips plus some others).

Previously, you could be penalized as much as $1,000 for failing to file a single T4.  Now, the penalty for late filing a single T4 slip is reduced to a maximum of $100.

You can look up the full penalty structure here: http://www.cra-arc.gc.ca/tx/bsnss/tpcs/pyrll/hwpyrllwrks/pnlty/pnlts/pnltchrgs-eng.html

 

 

Filed under: Business tax by David Boese No Comments »