Tax wiki
s. 235
PART XV — Administration and Enforcement · General
Penalty for failing to file corporate returns
Not yet annotated · Text current to 2026-06-21 · section last amended 2024-06-20
Current text
Every large corporation (within the meaning assigned by subsection 225.1(8)) that fails to file a return for a taxation year as and when required by section 150 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
A × B
where
is the total of
0.0005% of the corporation’s taxable capital employed in Canada (within the meaning assigned in Part I.3) at the end of the taxation year, and
0.25% of the tax that would be payable under Part VI by the corporation for the year if this Act were read without reference to subsection 190.1(3); and
is the number of complete months, not exceeding 40, from the day on or before which the return was required to be filed to the day on which the return is filed.
Source: Justice Laws Website. Not an official version.
Historic text
Immediately preceding version, in force from 2006-06-22 to 2024-06-19:
Show the text in force 2006-06-22 to 2024-06-19
Penalty for failing to file corporate returns
235 Every large corporation (within the meaning assigned by subsection 225.1(8)) that fails to file a return for a taxation year as and when required by section 150 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
A × B
where
Ais the total of(a) 0.0005% of the corporation’s taxable capital employed in Canada at the end of the taxation year, and
(b) 0.25% of the tax that would be payable under Part VI by the corporation for the year if this Act were read without reference to subsection 190.1(3); and
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- 1994, c. 7, Sch. II, s. 187, Sch. VIII, s. 135
- 2006, c. 4, s. 88
Earlier versions: Justice Laws point-in-time versions of the Act (from 31 August 2004), and CanLII (under “Versions”). On Justice Laws, each version of section 235 links to the one before it.
Enacting and amending legislation
- 1994, c. 7, Sch. II, s. 187, Sch. VIII, s. 135; 2006, c. 4, s. 88
- 2024, c. 17, s. 72
Text before 2004 is found in the annual Statutes of Canada cited above. Application and coming-into-force provisions are not part of the consolidation; see the amending Acts.
Cross-references
Citation
Income Tax Act, R.S.C. 1985, c. 1 (5th Supp.), s. 235.