I-3 - Taxation Act

Section 991.2 Disposition versions

2006-03-01

991.2. Where a corporation fails to file the prescribed form as required by section 991.1 for a taxation year, it incurs a penalty equal to the amount determined by the formula

A × B.

For the purposes of the formula in the first paragraph,

(a)  A is the greater of $250 and 0.75% of the corporation’s taxable income for the year;

(b)  B is the lesser of 12 and the number of months in whole or in part that are in the period that begins on the day on or before which the prescribed form is required to be filed and ends on the day it is filed.

1997, c. 31, s. 92.