Income Tax Act — I-3.3 66
 is filed with the Minister, to have always been reduced by the portion of the excess identified in the statement in respect of that purported renunciation; and (e) if a corporation fails to file the statement within the time required or fails in the statement filed to apply the excess fully to reduce one or more purported renunciations, the Minister may at any time reduce the total amount purported to be renounced by the corporation to one or more persons by the amount of the unapplied excess in which case, except for the purpose of Part XII.6, the amount purported to have been so renounced to a person is deemed, after that time, always to have been reduced by the portion of the unapplied excess allocated by the Minister in respect of that person. COVID-19 – agreements in 2019 or 2020 (12.731) If an agreement is entered into in 2019 or 2020 by a corporation to issue flow-through shares of the corporation, (a) the reference in subparagraph (12.73)(a)(ii) to “at the end of the year” is to be read as a reference to “at the end of the subsequent year”; and (b) the reference in paragraph (12.73)(c) to “before March of the calendar year” is to be read as a reference to “before March of the second calendar year”. Late filed forms (12.74) A corporation or partnership may file with the Minister a document referred to in subsection 66(12.68), 66(12.69), 66(12.691), 66(12.7) or 66(12.701) after the particular day on or before which the document is required to be filed under the applicable subsection and the document shall, except for the purposes of this subsection and subsection 66(12.75), be deemed to have been filed on the day on or before which it was required to be filed if (a) it is filed (i) on or before the day that is 90 days after the particular day, or (ii) after the day that is 90 days after the particular day where, in the opinion of the Minister, the circumstances are such that it would be just and equitable to permit the document to be filed; and (b) the corporation or partnership, as the case may be, pays to the Receiver General at the time of filing a penalty in respect of the late filing. Late renunciation (12.741) Where a corporation purports to renounce an amount under subsection 66(12.6), 66(12.601) or 66(12.62) after the period in which the corporation was entitled to renounce the amount, the amount is deemed, except for the purposes of this subsection and subsections 66(12.7) and 66(12.75), to have been renounced at the end of the period if (a) the corporation purports to renounce the amount (i) on or before the day that is 90 days after the end of that period, or (ii) after the day that is 90 days after the end of that period where, in the opinion of the Minister, the circumstances are such that it would be just and equitable that the amount be renounced; and (b) the corporation pays to the Receiver General a penalty in respect of the renunciation not more than 90 days after the renunciation. Penalty (12.75) For the purposes of subsections 66(12.74) and 66(12.741), the penalty in respect of the late filing of a document referred to in subsection 66(12.68), 66(12.69), 66(12.691), 66(12.7) or 66(12.701) or in respect of a renunciation referred to in subsection 66(12.741) is the lesser of $15,000 and (a) where the penalty is in respect of the late filing of a document referred to in subsection 66(12.68), 66(12.69) or 66(12.7), the greater of (i) $100, and (ii) 1/4 of 1% of the maximum amount in respect of the Canadian exploration expenses and Canadian development expenses renounced or attributed or to be renounced or attributed as set out in the document; (b) where the penalty is in respect of the late filing of a document referred to in subsection 66(12.691) or 66(12.701), the greater of (i) $100, and (ii) 1/4 of 1% of the assistance reported in the document; and (c) where the penalty is in respect of a renunciation referred to in subsection 66(12.741), the greater of (i) $100, and (ii) 1/4 of 1% of the amount of t