The penalty under s. 162(7.01) for late-filing most types of information slip (e.g., the T3, T4, T4A, T5, NR4 or T4RSP) is calculated under a formula which references the number of late-filed slips and “the number of days, not exceeding 100, during which the failure continues.”
CRA considers that “the failure” continues until the last slip of a particular type is filed.
Thus, if 73 T5 slips are filed a few days late but a 74th slip is filed 56 days late, the penalty is calculated in the same manner as if all 74 slips had been filed 56 days late.
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