--- title: What Happens When Your Company's Information Returns Are Late description: For those of you who have not filed your information returns, you want to be sure to by February 28th, 2017, otherwise, you could have to pay fines. image: https://www.koroll.ca/hubfs/Stock%20images/Two%20measurements%20of%20time%20White%20sand%20falling%20inside%20hourglass%2c%20with%20round%20analog%20clock%20in%20%20background%20(focus%20on%20neck%20of%20hourglass)%2c%20shallow%20depth%20of%20field.jpeg --- [![Koroll & Company - Newmarket CPAs](https://www.koroll.ca/hs-fs/hubfs/images/Logos/koroll_blue.png?width=247&height=65&name=koroll_blue.png "Koroll & Company - Newmarket CPAs")](https://www.koroll.ca/) [![Certified Professional Accountants Newmarket](https://www.koroll.ca/hs-fs/hubfs/images/Logos/CPALogo_2014_notext_72.png?width=82&name=CPALogo_2014_notext_72.png "Certified Professional Accountants Newmarket")](https://www.cpacanada.ca/) ![AdobeStock_77939924_WM.jpeg](https://www.koroll.ca/hs-fs/hubfs/images/Banners/taxesBannerBlueStrip-1.jpg?width=2000&name=taxesBannerBlueStrip-1.jpg "AdobeStock_77939924_WM.jpeg") # Koroll & Company Blog - [Tax Deductions (118)](https://www.koroll.ca/koroll-and-company-blog/topic/tax-deductions) - [Tax Tips (88)](https://www.koroll.ca/koroll-and-company-blog/topic/tax-tips) - [CRA (85)](https://www.koroll.ca/koroll-and-company-blog/topic/cra) - [Corporate (84)](https://www.koroll.ca/koroll-and-company-blog/topic/corporate) - [Small Business (61)](https://www.koroll.ca/koroll-and-company-blog/topic/small-business) - [Pension Plans (30)](https://www.koroll.ca/koroll-and-company-blog/topic/pension-plans) - [RRSP (22)](https://www.koroll.ca/koroll-and-company-blog/topic/rrsp) - [Education (14)](https://www.koroll.ca/koroll-and-company-blog/topic/education) - [TFSA (14)](https://www.koroll.ca/koroll-and-company-blog/topic/tfsa) - [Real Estate (13)](https://www.koroll.ca/koroll-and-company-blog/topic/real-estate) - [COVID-19 Updates (7)](https://www.koroll.ca/koroll-and-company-blog/topic/covid-19-updates) - [E-Commerce (2)](https://www.koroll.ca/koroll-and-company-blog/topic/e-commerce) - [Internet (2)](https://www.koroll.ca/koroll-and-company-blog/topic/internet) - ["Ontario Budget" (1)](https://www.koroll.ca/koroll-and-company-blog/topic/ontario-budget) - [Insider (1)](https://www.koroll.ca/koroll-and-company-blog/topic/insider) [see all](https://www.koroll.ca/koroll-and-company-blog/what-happens-when-your-companys-information-returns-are-late#) ## [What Happens When Your Company's Information Returns Are Late](https://www.koroll.ca/koroll-and-company-blog/what-happens-when-your-companys-information-returns-are-late) [fa icon="calendar"] Feb 24, 2017 3:09:45 PM / by [Allen Koroll](https://www.koroll.ca/koroll-and-company-blog/author/allen-koroll) - [Tweet](https://twitter.com/share) ![Two measurements of time White sand falling inside hourglass, with round analog clock in background (focus on neck of hourglass), shallow depth of field.jpeg](https://www.koroll.ca/hs-fs/hubfs/Stock%20images/Two%20measurements%20of%20time%20White%20sand%20falling%20inside%20hourglass%2c%20with%20round%20analog%20clock%20in%20%20background%20(focus%20on%20neck%20of%20hourglass)%2c%20shallow%20depth%20of%20field.jpeg?width=320&name=Two%20measurements%20of%20time%20White%20sand%20falling%20inside%20hourglass%2c%20with%20round%20analog%20clock%20in%20%20background%20(focus%20on%20neck%20of%20hourglass)%2c%20shallow%20depth%20of%20field.jpeg)The end of the month is fast approaching, which means that your information returns are coming due. If you are the proactive type, you have likely already filed you returns and mailed the documentation to the recipient, which means you are free and clear. However, for those of you who have not filed your information returns, you want to be sure to by February 28th, 2017, otherwise, you could be in for some hefty fines.  Information returns are tax documents, that notify the Canada Revenue Agency (CRA) of reportable transactions. Common information returns include: 1. RRSP Contribution Information Return 2. Pooled Registered Pension Plan Information Return 3. [T3, Statement of Trust Income Allocations and Designations](http://www.cra-arc.gc.ca/E/pbg/tf/t3/README.html) 4. [T4PS, Statement of Employees Profit Sharing Plan Allocations and Payments](http://www.cra-arc.gc.ca/E/pbg/tf/t4ps/README.html) 5. [T4RIF, Statement of Income from a Registered Retirement Income Fund](http://www.cra-arc.gc.ca/E/pbg/tf/t4rif/README.html) 6. [T4RSP, Statement of RRSP Income](http://www.cra-arc.gc.ca/E/pbg/tf/t4rsp/README.html) 7. [T5007, Statement of Benefits](http://www.cra-arc.gc.ca/E/pbg/tf/t5007/README.html) 8. [T5008, Statement of Securities Transactions](http://www.cra-arc.gc.ca/E/pbg/tf/t5008/README.html) 9. [TFSA, Tax-Free Savings Account](http://www.cra-arc.gc.ca/tx/rgstrd/tfsa-celi/pblctns-eng.html) 10. [T4, Statement of Remuneration Paid](http://www.cra-arc.gc.ca/E/pbg/tf/t4/README.html) 11. [T4A, Statement of Pension, Retirement, Annuity, and Other Income](http://www.cra-arc.gc.ca/E/pbg/tf/t4a/README.html) 12. [T4E, Statement of Employment Insurance and Other Benefits](http://www.cra-arc.gc.ca/E/pbg/tf/t4e/README.html) 13. [T5, Statement of Investment Income](http://www.cra-arc.gc.ca/E/pbg/tf/t5/README.html) 14. [T5018, Statement of Contract Payments](http://www.cra-arc.gc.ca/E/pbg/tf/t5018/README.html) If you fail to submit any of these information returns, along with [others](http://www.cra-arc.gc.ca/penaltyinformationreturns/) not mentioned above, you will incur a penalty for each slip for each day that it is late.  Furthermore, the amount you pay per return will depend on the type of return and the number of returns filed late. The first nine returns listed above, along with other unmentioned returns, will incur the following penalties:  ![Penalties for Late Filed Information Returns](https://www.koroll.ca/hs-fs/hubfs/Blog_Images/Screen%20Shot%202017-02-24%20at%202.53.55%20PM.png?width=711&name=Screen%20Shot%202017-02-24%20at%202.53.55%20PM.png "Penalties for Late Filed Information Returns")   The remaining returns will incur a reduced penalty. This is due to an administrative policy that was put in place to increase fairness for small businesses. These penalties are as follow:  ![Penalties for Late Filed Information Returns under the Relieving Administrative Policy ](https://www.koroll.ca/hs-fs/hubfs/Blog_Images/Screen%20Shot%202017-02-24%20at%202.57.54%20PM.png?width=711&name=Screen%20Shot%202017-02-24%20at%202.57.54%20PM.png "Penalties for Late Filed Information Returns under the Relieving Administrative Policy ")   Whichever category your returns fall under, it is clear that penalties can quickly add up if your returns are filed late.  As such, it is important that your information returns be filed by February 28th. Specifically, they must be received by the CRA or postmarked for the 28th of February, otherwise penalties can be assessed immediately following the due date.  For more information on information slips, and the [applicable penalties](http://www.cra-arc.gc.ca/penaltyinformationreturns/), visit the [CRA website.](http://www.cra-arc.gc.ca/tx/bsnss/tpcs/pyrll/rtrns/menu-eng.html)  [![Book A Free Consultation](https://no-cache.hubspot.com/cta/default/1577306/b06a76bd-288d-4d2f-9a8c-41fd86ee8e2f.png)](http://cta-redirect.hubspot.com/cta/redirect/1577306/b06a76bd-288d-4d2f-9a8c-41fd86ee8e2f) --- The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation. ## About Koroll & Company At Koroll & Company we grow our firm through satisfied clients referring us as a trusted accounting firm to their friends, family members and associates. The only way we know how to achieve this is strive to exceed your expectations and provide you with exceptional service. We have 20+ years servicing Newmarket, ON and the surrounding areas, and look forward to servicing you next. So give us a call and speak to a friendly staff member from Koroll & Company today! Topics: [Corporate](https://www.koroll.ca/koroll-and-company-blog/topic/corporate), [CRA](https://www.koroll.ca/koroll-and-company-blog/topic/cra), [Small Business](https://www.koroll.ca/koroll-and-company-blog/topic/small-business) ![Allen Koroll](https://www.koroll.ca/hubfs/Koroll_and_Co_Staff_Pictures/Allen_Koroll_CGA_Newmaket_Picture.png) #### Written by [Allen Koroll](https://www.koroll.ca/koroll-and-company-blog/author/allen-koroll) ### Subscribe to Email Updates - Recent - Popular - Categories ### Lists by Topic - [Tax Deductions (118)](https://www.koroll.ca/koroll-and-company-blog/topic/tax-deductions) - [Tax Tips (88)](https://www.koroll.ca/koroll-and-company-blog/topic/tax-tips) - [CRA (85)](https://www.koroll.ca/koroll-and-company-blog/topic/cra) - [Corporate (84)](https://www.koroll.ca/koroll-and-company-blog/topic/corporate) - [Small Business (61)](https://www.koroll.ca/koroll-and-company-blog/topic/small-business) - [Pension Plans (30)](https://www.koroll.ca/koroll-and-company-blog/topic/pension-plans) - [RRSP (22)](https://www.koroll.ca/koroll-and-company-blog/topic/rrsp) - [Education (14)](https://www.koroll.ca/koroll-and-company-blog/topic/education) - [TFSA (14)](https://www.koroll.ca/koroll-and-company-blog/topic/tfsa) - [Real Estate (13)](https://www.koroll.ca/koroll-and-company-blog/topic/real-estate) - [COVID-19 Updates (7)](https://www.koroll.ca/koroll-and-company-blog/topic/covid-19-updates) - [E-Commerce (2)](https://www.koroll.ca/koroll-and-company-blog/topic/e-commerce) - [Internet (2)](https://www.koroll.ca/koroll-and-company-blog/topic/internet) - ["Ontario Budget" (1)](https://www.koroll.ca/koroll-and-company-blog/topic/ontario-budget) - [Insider (1)](https://www.koroll.ca/koroll-and-company-blog/topic/insider) [see all](https://www.koroll.ca/koroll-and-company-blog/what-happens-when-your-companys-information-returns-are-late#) ### Posts by Topic - [Tax Deductions (118)](https://www.koroll.ca/koroll-and-company-blog/topic/tax-deductions) - [Tax Tips (88)](https://www.koroll.ca/koroll-and-company-blog/topic/tax-tips) - [CRA (85)](https://www.koroll.ca/koroll-and-company-blog/topic/cra) - [Corporate (84)](https://www.koroll.ca/koroll-and-company-blog/topic/corporate) - [Small Business (61)](https://www.koroll.ca/koroll-and-company-blog/topic/small-business) - [Pension Plans (30)](https://www.koroll.ca/koroll-and-company-blog/topic/pension-plans) - [RRSP (22)](https://www.koroll.ca/koroll-and-company-blog/topic/rrsp) - [Education (14)](https://www.koroll.ca/koroll-and-company-blog/topic/education) - [TFSA (14)](https://www.koroll.ca/koroll-and-company-blog/topic/tfsa) - [Real Estate (13)](https://www.koroll.ca/koroll-and-company-blog/topic/real-estate) - [COVID-19 Updates (7)](https://www.koroll.ca/koroll-and-company-blog/topic/covid-19-updates) - [E-Commerce (2)](https://www.koroll.ca/koroll-and-company-blog/topic/e-commerce) - [Internet (2)](https://www.koroll.ca/koroll-and-company-blog/topic/internet) - ["Ontario Budget" (1)](https://www.koroll.ca/koroll-and-company-blog/topic/ontario-budget) - [Insider (1)](https://www.koroll.ca/koroll-and-company-blog/topic/insider) [see all](https://www.koroll.ca/koroll-and-company-blog/what-happens-when-your-companys-information-returns-are-late#) ### Recent Posts ### Navigation [![Book a Corporate Consultation ](https://no-cache.hubspot.com/cta/default/1577306/d01d118a-226f-4228-b26d-7c2ce0d13ccf.png)](https://cta-redirect.hubspot.com/cta/redirect/1577306/d01d118a-226f-4228-b26d-7c2ce0d13ccf) ![](https://www.koroll.ca/hs-fs/hubfs/images/Logos/koroll_white.png?width=247&height=65&name=koroll_white.png "koroll_white.png")   We've proudly served Newmarket and the surrounding region for over 20+ years. We pride ourselves on delivering value to all our clients, and providing up-to-date expertise and knowledge.    [![facebook icon](https://www.koroll.ca/hubfs/2023/square-facebook.svg)](http://www.facebook.com/korollandcompany) [![linkedin icon](https://www.koroll.ca/hubfs/2023/linkedin.svg)](https://www.linkedin.com/company/allen-h.-koroll-c.a.-professional-corporation) [![twitter icon](https://www.koroll.ca/hubfs/2023/twitter-x-white.svg)](https://twitter.com/KorollandCo) ### Contact [38 Prospect Street Newmarket Ontario L3Y 3S9](https://www.google.com/maps/place/Koroll+%26+Company+Chartered+Professional+Accountants+Professional+Corporation/@44.0593338,-79.4562737,17z/data=!3m1!4b1!4m2!3m1!1s0x882ad2096531cf1d:0x7bf5f55f9fcb9b00?hl=en-US) [905-898-4231](tel:+19058984231) [![Contact Us](https://no-cache.hubspot.com/cta/default/1577306/f8ffd2cd-cfd6-4927-b6ec-0b5e267faf4c.png)](https://cta-redirect.hubspot.com/cta/redirect/1577306/f8ffd2cd-cfd6-4927-b6ec-0b5e267faf4c) Copyright 2026 | [Privacy Policy](https://www.koroll.ca/privacy-policy) | [Terms & Conditions](https://www.koroll.ca/terms-conditions) | Created by [The Brit Agency](https://www.thebritagency.com/) [[fa icon="chevron-up"]](https://www.koroll.ca/koroll-and-company-blog/what-happens-when-your-companys-information-returns-are-late#)