I-3 - Taxation Act

Section 1079.7.4.1 Disposition versions

2013-06-05

1079.7.4.1. Every person who is required under section 1079.7 to file an information return and who fails to comply with a demand under section 39 of the Tax Administration Act (chapter A-6.002) to file the return, or to report in the return information required under paragraphs a and b of section 1079.7, incurs a penalty equal to 25% of the greater of

(a)  the aggregate of all amounts each of which is the consideration received or receivable by the person in respect of the tax shelter from a particular person in respect of whom information required under paragraphs a and b of section 1079.7 had not been reported at or before the time that the demand was issued or the return was filed, as the case may be; and

(b)  if the tax shelter is a gifting arrangement, the aggregate of all amounts each of which is an amount stated or represented to be the value of property that the particular person referred to in paragraph a could donate to a qualified donee.

2013, c. 10, s. 147.