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Income Tax Act

Version of section 235 from 2004-08-31 to 2006-06-21:

Marginal note:Penalty for failing to file corporate returns

 Every corporation that fails to file a return for a taxation year as and when required by section 150, 181.6 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

0.0025 A × B


is the total of the taxes that would be payable under Parts I.3 and VI by the corporation for the year if this Act were read without reference to subsections 181.1(4) and 190.1(3); and
is the number of complete months, not exceeding 40, from the later of
  • (a) the day on or before which the return was required to be filed, and

  • (b) December 17, 1991,

to the day on which the return is filed.

  • [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

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