Income Tax Act — I-3.3 163
 partnership who, knowingly or under circumstances amounting to gross negligence, makes or participates in, assents to or acquiesces in, the making of a false statement or omission in a return is liable to a penalty of (a) where the return is required to be filed under section 233.1, $24,000; (b) if the return is required to be filed under section 233.2 in respect of a trust, the greater of (i) $24,000, and (ii) 5% of the total of all amounts each of which is the fair market value, at the time it was made, of a contribution of the person or partnership made to the trust before the end of the last taxation year of the trust in respect of which the return is required; (c) where the return is required to be filed under section 233.3 for a taxation year or fiscal period, the greater of (i) $24,000, and (ii) 5% of the greatest of all amounts each of which is the total of the cost amounts to the person or partnership at any time in the year or period of a specified foreign property (as defined by subsection 233.3(1)(a) of the person or partnership in respect of which the false statement or omission is made; (d) where the return is required to be filed under section 233.4 for a taxation year or fiscal period, the greater of (i) $24,000, and (ii) 5% of the greatest of all amounts each of which is the total of the cost amounts to the person or partnership at any time in the year or period of a property of the person or partnership that is a share of the capital stock or indebtedness of the foreign affiliate in respect of which the return is being filed; and (e) where the return is required to be filed under section 233.6 for a taxation year or fiscal period, the greater of (i) $2,500, and (ii) 5% of the total of (A) all amounts each of which is the fair market value of a property that is distributed to the person or partnership in the year or period by the trust and in respect of which the false statement or omission is made, and (B) all amounts each of which is the greatest unpaid principal amount of a debt that is owing to the trust by the person or partnership in the year or period and in respect of which the false statement or omission is made. Application to trust contributions (2.41) In subparagraph (2.4)(b)(ii), subsections 94(1), (2) and (9) apply. Shares or debt owned by controlled foreign affiliate (2.5) For the purpose of paragraph 163(2.4)(d), (a) shares or indebtedness owned by a controlled foreign affiliate of a person or partnership are deemed to be owned by the person or partnership; and (b) the cost amount at any time of such shares or indebtedness to the person or partnership is deemed to be equal to 20% of the cost amount at that time to the controlled foreign affiliate of the shares or indebtedness. Application to partnerships (2.6) For the purposes of paragraph 163(2.4)(d) and subsection 163(2.5), in determining whether a non-resident corporation or trust is a foreign affiliate or a controlled foreign affiliate of a partnership (a) the definitions direct equity percentage and equity percentage in subsection 95(4) shall be read as if a partnership were a person; and (b) the definitions controlled foreign affiliate and foreign affiliate in subsection 95(1) shall be read as if a partnership were a taxpayer resident in Canada. Application to partnerships (2.7) For the purpose of subsection 163(2.4), each act or omission of a member of a partnership in respect of an information return required to be filed by the partnership under section 233.3, 233.4 or 233.6 is deemed to be an act or omission of the partnership in respect of the return. Application to members of partnerships (2.8) For the purposes of this subsection and subsection 163(2.7), a person who is a member of a partnership that is a member of another partnership is deemed to be a member of the other partnership. Partnership liable to penalty (2.9) If a partnership is liable to a penalty under paragraph (2)(i), subsection (2.4) or (2.901) or section 163.2, 237.