Due date, penalties and interest

Due date

You have to file an information return by the last day of February following the calendar year to which the information return applies. If the last day of February is a Saturday or Sunday, your information return is due on the next business day. If you discontinue your business or activity, you have to file a return for the year or part-year no later than 30 days after the date the business or activity ended.

Penalties and interest

Late-filing and failure to file an information return

The minimum penalty for late filing the T4RSP or T4RIF return is $100 and the maximum penalty is $7,500. For the complete penalty structure, see Late filing information return.

Failure to provide information on a return

Anyone who prepares an information return has to make a reasonable effort to get the necessary information, including the social insurance number, from the individuals that will receive the slips. If you do not do this, you may be liable to a $100 penalty for each failure to comply with this requirement.

If you have to prepare an information return, or if you are an officer, employee, or agent of someone who does, you cannot knowingly use or communicate an individual's SIN, or allow it to be communicated, other than as required or authorized by law or for the purpose for which it was provided for.

If you use an individual's SIN for unauthorized purposes, you may be guilty of an offence and liable, if convicted, to a maximum fine of $5,000 or imprisonment of up to 12 months, or both.

Interest

If you fail to pay an amount, we may apply interest from the day your payment was due. The interest rate we use is determined every three months, based on prescribed interest rates. Interest is compounded daily. We also apply interest to unpaid penalties. For the prescribed interest rates, see Prescribed interest rates.

Cancel or waive penalties or interest

The CRA administers legislation, commonly called the taxpayer relief provisions, that allows the CRA the discretion to cancel or waive penalties or interest when taxpayers cannot meet their tax obligations due to circumstances beyond their control.

The CRA’s discretion to grant relief is limited to any period that ended within 10 calendar years before the year in which a request made.

For penalties, the CRA will consider your request only if it relates to a tax year or fiscal period ending in any of the 10 calendar years before the year in which you make your request. For example, your request made in 2019 must relate to a penalty for a tax year or fiscal period ending in 2009 or later.

For interest on a balance owing for any tax year or fiscal period, the CRA will consider only the amounts that accrued during the 10 calendar years before the year in which you make your request. For example, your request made in 2019 must relate to interest that accrued in 2009 or later.

To make a request, fill out Form RC4288, Request for Taxpayer Relief -Cancel or Waive Penalties or Interest. For more information about relief from penalties or interest and how to submit your request, go to Taxpayer relief provisions.

Notice of assessment

We will issue a notice of assessment for the T4RSP or T4RIF information return only if we apply a penalty.

Maturity of an RRSP

A registered retirement savings plan (RRSP) must mature by the end of the year in which the annuitant turns 71 years of age.

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