Section 95.1 — Excise Tax Act: Failure to file a return when required

Every person who fails to file a return for a reporting period as and when required under subsection 79(1) shall pay a penalty equal to the sum of an amount equal to 1% of the total of all amounts each of which is an amount that is required to be paid for the reporting period and was not paid on the day on which the return was required to be filed, and the amount obtained when one quarter of the amount determined under paragraph (a) is multiplied by the number of complete months, not exceeding 12, from the day on which the return was required to be filed to the day on which the return is filed.