Question: Peter Procrastinator did not file his 2017 tax return until he received a notice from the CRA in 2019 requesting that he file it. He

Peter Procrastinator did not file his 2017 tax return until he received a notice from the CRA in 2019 requesting that he file it. He filed his 2017 return on November 16, 2019. Peter prepared his 2019 return indicating that he owed $4,000 using tax software. However, he forgot to file it until October 2020 at which time he paid the $4,000 to the CRA. Which of the following statements is true?

		Peter will be assessed a penalty of 10%
		Peter will not be assessed a penalty
		Peter will be assessed a penalty of 20%
		Peter will be assessed a penalty based on the base rate + 4%

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