Ken Kaye Ltd., a CCPC that is eligible to claim the small business deduction amount, has a January 31 taxation year. Due to the untimely departure of a key employee, the CRA Form T2 corporate income tax return for the January 31, 2021 taxation year was not filed with the CRA until March 1, 2023. The unpaid balance of the net federal corporate income tax (Part I) payable of Ken Kaye Ltd. for the January 31, 2021 taxation year was $5,600. This is the first instance in which Ken Kaye Ltd. has failed to file a CRA Form T2 corporate income tax return on a timely basis.

What is the amount of the penalty (ignore interest) that Ken Kaye Ltd. must pay for the failure to file this CRA Form T2 corporate income tax return on a timely basis? The numerical answer alone is sufficient. No calculations need be shown (2008 CPAO)