New T4 filing penalties next year

Rules also apply to other information returns
By Sheila Brawn
|Canadian Payroll Reporter|Last Updated: 08/04/2015

Beginning next year, the Canada Revenue Agency (CRA) will levy new penalties against businesses that fail to file T4 information returns over the Internet when they have more than 50 T4 returns to file for a calendar year.

The new penalty rules will also apply to more than 20 other information returns, including NR4s, T4As and T4A-NRs.

The amount of the penalty will depend on the number of information returns of one type an organization is required to file with the CRA through Internet File Transfer, using extensible mark-up language (XML). For 51 to 250 returns, the penalty will be $250.