Penalties

If you file your T5006 information return late, or do not distribute the related slips to the recipients by the due date, you are liable to a penalty. The penalty for each information return, or slip, filed late is $25 per day, with a minimum penalty of $100 to a maximum of $2,500.

We may cancel, reduce, or waive any late filing penalties and interest if you file an information return late, or if you distribute information slips to recipients late, because of certain circumstances beyond your control. If this occurs, include a letter with the information return giving the reasons why the information return is late. For more information, see Taxpayer Bill of Rights or Information Circular IC07-1, Taxpayer Relief Provisions.

If you do not file the Form T5006SUM, Summary of Registered Labour-Sponsored Venture Capital Corporation Class A Shares, do not distribute the Form T5006, Statement of Registered Labour-Sponsored Venture Capital Corporation Class A Shares to recipients, or issue more than one T5006 slip to an investor for the same acquisition, or we can revoke the corporation's registration.

Date modified:

2016-03-03