False or misleading information

Under subsection 237.1(7.4), every person:

• who files false or misleading information in Form T5001 - Application for Tax Shelter Identification Number and Undertaking to Keep Books and Records, or
• who as a principal or as an agent sells, issues or accepts consideration for an interest in a tax shelter before the Minister of National Revenue has issued an identification number,

is liable to a penalty of 25% of the total cost to each purchaser of interests sold before the correct information is filed with the Minister, or the identification number is issued, to a maximum of $500.

Forms and publications

• Form T5001, Application for Tax Shelter Identification Number and Undertaking to Keep Books and Records