False or misleading information

Under subsection 237.1(7.4), every person:

is liable to a penalty that is the greater of both:

  • $500
  • 25% of the greater of both:
    • the total of all consideration received or receivable in respect of the tax shelter before the correct information is filed with the Minister, or the identification number is issued
    • the total of all amounts stated or represented to be the value of property a person who acquires or invests in the tax shelter could donate to a qualified donee, if the tax shelter is a gifting arrangement and consideration has been received or is receivable before the correct information is filed with the Minister, or the identification number is issued
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