June 29th, 2012
The Canada Revenue Agency has a new, more fair penalty structure in place, effective January 1, 2012. Â 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. Â 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:Â 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 »