Income Tax Act — I-3.3 237.4
 the degree of care, diligence and skill in determining whether the transaction is a notifiable transaction that a reasonably prudent person would have exercised in comparable circumstances. Reasonable expectation to know (7) Paragraphs (4)(c) and (d) do not apply to a person in respect of a notifiable transaction unless the person knows or should reasonably be expected to know that the transaction was a notifiable transaction. Clerical or secretarial services (8) For greater certainty, subsection (4) does not apply to a person solely because the person provided clerical services or secretarial services with respect to the notifiable transaction. Time for filing return (9) An information return required under subsection (4) to be filed with the Minister for a notifiable transaction must be filed by (a) a person described in paragraph (4)(a) or (b) on or before the particular day that is 90 days after the earliest of (i) the day on which the person becomes contractually obligated to enter into the notifiable transaction, (ii) the day on which the person enters into the notifiable transaction, and (iii) if the person is described in paragraph (4)(a) and a person described in paragraph (4)(b) enters into the notifiable transaction for the benefit of the person described in paragraph (4)(a), the day on which the notifiable transaction is entered into; and (b) a person described in paragraph (4)(c) or (d) no later than the earliest particular day described in paragraph (a) for a person described in paragraph (4)(a) or (b) in respect of the notifiable transaction. Clarification of reporting transactions in series (10) For greater certainty, if subsection (4) applies to a person in respect of each transaction that is part of a series of transactions that includes a notifiable transaction, the filing of the information return by the person that reports each transaction in the series is deemed to satisfy the obligation of the person under subsection (4) in respect of each transaction so reported. Assessments (11) Notwithstanding subsections 152(4) to (5), the Minister may make any assessments, determinations and redeterminations that are necessary to give effect to subsection (12). Penalty (12) Every person who fails to file an information return in respect of a notifiable transaction as required under subsection (4) on or before the particular day required under subsection (9) is liable to a penalty equal to (a) if the person is described in paragraph (4)(a) or (b), (i) if the person is a corporation and the carrying value of the corporation’s assets is greater than or equal to $50 million for its last taxation year that ends prior to the day on which the information return is required to be filed under subsection (4), $2,000 multiplied by the number of weeks during which the failure continues, to a maximum amount equal to the greater of (A) $100,000, and (B) 25% of the amount of the tax benefit in respect of the notifiable transaction, and (ii) in any other case, $500 multiplied by the number of weeks during which the failure continues, to a maximum amount equal to the greater of (A) $25,000, and (B) 25% of the amount of the tax benefit in respect of the notifiable transaction; and (b) if the person is described in paragraph (4)(c) or (d), the total of (i) the amount of the fees charged by that person in respect of the notifiable transaction, (ii) $10,000, and (iii) $1,000 multiplied by the number of days during which the failure continues, up to a maximum of $100,000. Penalty – deeming rule (13) If a person described in both paragraphs (4)(b) and (d) is liable to a penalty under subsection (12) in respect of a notifiable transaction, the amount of the penalty is deemed to be equal to the greater of the amounts determined under paragraphs (12)(a) and (b). Penalty – non-application (14) For greater certainty, if any person is deemed to have filed an information return in prescribed form and manner in respect of a particular notifiable