Income Tax Act
Marginal note:Penalty for failing to file corporate returns
235 Every corporation that fails to file a return for a taxation year as and when required by section 150, 181.6 or 190.2 is liable, in addition to any penalty otherwise provided, to a penalty for each such failure equal to the amount determined by the formula
0.0025 A × B
- is the total of the taxes that would be payable under Parts I.3 and VI by the corporation for the year if this Act were read without reference to subsections 181.1(4) and 190.1(3); and
- is the number of complete months, not exceeding 40, from the later of
to the day on which the return is filed.
- NOTE: Application provisions are not included in the consolidated text;
- see relevant amending Acts. 1994, c. 7, Sch. II, s. 187, Sch. VIII, s. 135.
- Date modified: