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.
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, the CRA may apply interest from the day your payment was due. The interest rate the CRA uses is determined every three months, based on prescribed interest rates. Interest is compounded daily. The CRA also applies interest to unpaid penalties. For the prescribed interest rates, refer to Prescribed interest rates.
Cancel or waive penalties and interest
The CRA administers legislation, commonly called taxpayer relief provisions, that allows the CRA discretion to cancel or waive penalties and 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 ends within 10 calendar years before the year in which a relief request is 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 2024 must relate to a penalty for a tax year or fiscal period ending in 2014 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 2024 must relate to interest that accrued in 2014 or later.
Taxpayer relief requests can be made online using the CRA's My Account, My Business Account (MyBA), or Represent a Client digital services:
- My Account: After signing in, select “Accounts and payments,” then “Request relief of penalties and interest”
- MyBA or Represent a Client: After signing in, on the MyBA overview page, select the appropriate program from the navigation menu, then select the correct account. Finally, select “Request relief of penalties and interest” under the “Request” heading
You can also fill out Form RC4288, Request for Taxpayer Relief – Cancel or Waive Penalties and Interest, and send it with one of the following ways:
- online with My Account : select “Submit documents" under the “Correspondence” section
- online with MyBA or Represent a Client: select “Submit documents” from the banner at the top of the page
- by mail to the designated office, as shown on the last page of the form, based on your place of residence
For information on how to submit documents online, go to Submit documents online.
For more details on the required supporting documents, relief from penalties and interest, and other related forms, go to Taxpayer relief provisions.
Notice of assessment
The CRA will issue a notice of assessment for the T4RSP or T4RIF information return only if the CRA applies 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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