Penalty for late payment
319 Penalty for late payment
If, by the end of the day prescribed of a month (or at the discretion of the commissioner by a time not more than 7 days later than the end of the day prescribed) the amount received by the commissioner under section 317(1) from a licensee is less than the total amount the licensee is, under that subsection, required to ensure is received by the commissioner for that month—
the commissioner must cause to be imposed on the licensee in question a penalty to be calculated by applying the percentage prescribed on the difference between those 2 amounts; and
the amount received is to be credited as prescribed.
A penalty imposed under subsection (1)(a) is due and payable, by the licensee in question, on or before the day prescribed of the month following the date on which it is imposed.
The commissioner, for any reason that the commissioner considers is sufficient, may forgive or refund any penalty payable under this section.
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