@Malum
I started to write this response yesterday, but felt that it didn't significantly add to Nick's ( @nwilson7 ) so I never posted it.
When I taught face-to-face (before COVID), I would make the due date on my final the time the final was to start. If my final was to run from 14:00 to 16:00, I didn't want students showing up at 16:00 to start the final. My exams were on paper, so Canvas doesn't automatically assign late status to them, but if I had an electronic version, then every single student would have been marked late, despite showing up at the intended time to complete the exam.
Now that I've been online and giving Canvas quizzes, many of my students are late for their exams. I give them a four days to complete their final exam. The exam opens on Monday, is due on Tuesday, and closes on Thursday. They can take it anytime during the week, but I don't want them waiting until the very end and then something happening. I would prefer that they take it by Tuesday, but it is really up to them. I do warn them in the instructions that if they don't take it by Tuesday, that Canvas will consider the grade missing and automatically put a 0 in for the grade but that I will replace it with their real grade once the exam is completed.
A late status is an assignment that has been turned in (no longer missing) but was turned in after the due date. This is why my students who waited until the last minute to take their final all show "late." The late status imposes no penalty unless the instructor automatically deducts points for late work. If that is the case, then you should reach out to the instructor.
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