How is the penalty under s. 162(7.01) calculated for a person who files 73 T5 slips 8 days after the required filing deadline and a further single T5 slip, 56 days after that deadline? The Directorate stated:
[A] person who files the same type of information slips late, but at different times, will be liable to a penalty based on the total number of each type of information slip filed late, and based on the number of days until the last slip has been filed.
…[T]he total number of T5 information slips filed beyond the filing deadline is 74. Therefore, the applicable penalty provided by paragraph 162(7.01)(b) … is $15, multiplied by the number of days, not exceeding 100, during which the failure continued. The total number of days the failure continued was 56 days. As a result, the penalty would be $15 times 56 days, for a total penalty of $840.