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.
