Penalties – Partnerships
If you fail to respect your fiscal obligations, you may be liable to penalties, including those listed below.
If the partnership files the return late or fails to file the return, it is liable to a penalty. The penalty is $25 for each day the return is late, up to a maximum of $2,500.
The members of a partnership are liable to a penalty of $100 if they fail to provide any information requested in the information return or in the accompanying documents. This applies to all information requested.
If certain elections have been made under federal legislation and the members of the partnership fail to send us, by the prescribed deadline, a copy of any document filed with the Canada Revenue Agency, the members are liable to a penalty. The penalty is $25 for each day a document is late, up to a maximum of $2,500.