Public Trusts are also required, under Regulation 204.1(2), to notify the CRA in writing when the prescribed form has been posted. The due date for this notification is the same as the due date for the CDS reporting, i.e., March 1, 2013. A penalty of the greater of $100 or $25 per day to a maximum of $2,500 applies for non-compliance and has traditionally been imposed under subsection 162(7). Now, subsection 162(7.01) will apply a penalty based on the number of information returns filed late, to a maximum of $7,500.
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Information is current to February 12, 2013. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500