The returns that carry no tax but carry the biggest penalties — investment income slips, partnership returns, foreign asset disclosures, underused housing tax, charity and non-profit returns.
Information returns are easy to overlook because no cheque accompanies them — but late-filing penalties apply even where no tax was ever payable. Taxcent maintains a compliance calendar for every client so nothing slips.
| Return | Who files it | Deadline | Penalty if late |
|---|---|---|---|
| T5 — Return of Investment Income | Corporations paying interest or dividends (including owner-manager dividends) | Last day of February | Graduated per-slip penalties, $100 minimum |
| T5013 — Partnership Information Return | Partnerships exceeding CRA's filing thresholds or with corporate/trust partners | March 31 where all partners are individuals; 5 months after year-end where all partners are corporations; earliest of the two otherwise | $25/day, minimum $100, maximum $2,500 — per failure |
| T1135 — Foreign Income Verification Statement | Canadian residents holding specified foreign property with total cost over $100,000 | Same day as the income tax return | $25/day to $2,500; up to $12,000 where the failure is knowing or grossly negligent |
| T1134 — Foreign Affiliates | Canadians with foreign affiliates (generally 10%+ equity in a non-resident corporation, with related-group holdings ≥ 10%) | 10 months after year-end | $25/day to $2,500 per affiliate, more where demand issued |
| T106 — Non-Arm's-Length Transactions with Non-Residents | Corporations, trusts and individuals with over $1 million of reportable cross-border related-party transactions | Same as the income tax return due date | $25/day to $2,500 per T106 slip; transfer-pricing documentation deadlines run alongside |
| NR4 — Amounts Paid to Non-Residents | Anyone paying rent, dividends, interest, royalties, pensions or management fees to non-residents (Part XIII withholding) | March 31 (withholding remitted by the 15th of the following month) | Per-slip penalties plus 10% of unwithheld tax |
| UHT-2900 — Underused Housing Tax Return | "Affected owners" of Canadian residential property — many private corporations, partnerships and trustees must file even when fully exempt from the 1% tax | April 30 of the following year | Minimum $1,000 (individuals) / $2,000 (corporations) per property, per year |
| T3010 — Registered Charity Information Return | Every registered charity | 6 months after fiscal year-end | Revocation risk plus $500 penalty |
| T1044 — NPO Information Return | Non-profits exceeding $10,000 of investment income or $200,000 of assets (once required, always required) | 6 months after fiscal year-end | $25/day, minimum $100, maximum $2,500 |
| T4A — Fees for Services | Businesses paying independent contractors | Last day of February | Graduated per-slip penalties |
| T1141 / T1142 — Foreign Trusts | Contributors to, and beneficiaries receiving distributions from, non-resident trusts | Same as the income tax return | $25/day to $2,500, substantially more for gross negligence |
Unfiled foreign reporting is the most common — and most expensive — gap we see. In many cases the Voluntary Disclosures Program can eliminate penalties entirely if CRA has not yet contacted you. Talk to us before filing anything.
Call 236 500 0011 or email info@taxcent.ca — we file with CRA for clients in every province and territory.
