Yes, there are penalties for late or non-filing as follows:
Late Filing: If you fail to file Form T5018 by the filing deadline, you are a liable for a penalty of up to a maximum of $7,500. The “per day” and “maximum” penalties vary, depending on the number of forms you are required to file.
The late filing penalty for a company that is required to file 50 or less forms is $10 per day to a maximum of $1,000.
Non-Filing: If you fail to file Form T5018, the penalty for each failure is $25 a day, with a minimum penalty of $100 up to a maximum of $2,500.