What Are the New Penalties?

Effective October 1, 2024, the following penalties apply to businesses that remit PST:

1. Late Filing Penalty:
   • A new $50 penalty will apply if a business fails to file its PST return on time. This penalty is assessed for each return period missed.
2. Late Payment Penalty:
   • Previously capped at $500, the 10% penalty for failing to pay PST owed by the due date now has no maximum limit. This means that businesses may incur a higher penalty if they do not pay on time.
3. Failure to Produce Records Penalty:
   • A $500 penalty will apply each time a business fails to provide books, records, or other documentation when requested by the Ministry of Finance.
4. Incorrect Filing or Incomplete Return Penalty:
   • A $100 penalty applies each time a business fails to:
     • File a return or form in the manner required (e.g., filing a paper return when required to file electronically).
     • Complete all information required on any return or form (e.g., missing line items on a return).
   • Multiple penalties may apply for a single return period if more than one filing requirement is not met.