I-3 - Taxation Act

Section 1029.8.36.23 Disposition versions

2006-06-13

1029.8.36.23. If, in a taxation year, in this section referred to as the “repayment year”, a qualified corporation pays, pursuant to a legal obligation, an amount that may reasonably be considered to be a repayment of government assistance or non-government assistance that reduced the amount of wages incurred in respect of a qualified designer or qualified patternmaker, in accordance with subparagraph a of the first paragraph of section 1029.8.36.18.1, in respect of which the qualified corporation is deemed to have paid an amount to the Minister under section 1029.8.36.7 for a particular taxation year, the qualified corporation is deemed, if it encloses the prescribed form containing the prescribed information with the fiscal return it is required to file under section 1000 for the repayment year, to have paid to the Minister on the qualified corporation’s balance-due day for the repayment year, on account of its tax payable for that year under this Part, an amount equal to the amount by which the amount that it would be deemed to have paid to the Minister for the particular year under section 1029.8.36.7 in respect of the wages, if any amount of such assistance so repaid at or before the end of the repayment year had reduced, for the particular year, the government assistance or non-government assistance, exceeds the aggregate of

(a)  the amount that the qualified corporation is deemed to have paid to the Minister for the particular year under section 1029.8.36.7 in respect of the wages incurred in relation to the qualified designer or qualified patternmaker; and

(b)  any amount that the qualified corporation is deemed to have paid to the Minister for a taxation year preceding the repayment year under this section in respect of an amount paid by the qualified corporation as repayment of that assistance.

1995, c. 1, s. 157; 1995, c. 63, s. 189; 1997, c. 3, s. 71; 1997, c. 85, s. 258; 1998, c. 16, s. 231; 1999, c. 8, s. 20; 2001, c. 7, s. 169; 2001, c. 51, s. 178; 2003, c. 29, s. 135; 2006, c. 13, s. 145; 2006, c. 36, s. 306.

2006-03-01

1029.8.36.23. Where, in any taxation year, a qualified corporation repays an amount of government assistance or non-government assistance, pursuant to a legal obligation, that reduced the amount of an expenditure incurred as wages for the purpose of computing particular qualified wages in respect of which the corporation is deemed to have paid an amount to the Minister under section 1029.8.36.7 for a particular taxation year, the following rules apply:

(a)  the corporation is deemed to have incurred in the taxation year qualified wages, in respect of a particular designer, equal to the lesser of

i.  the aggregate of all amounts each of which is an amount paid by the corporation in the year as repayment of the government assistance or non-government assistance, as the case may be, and

ii.  the amount by which the amount that would be the particular qualified wages incurred in the particular taxation year if the amount of government assistance or non-government assistance, as the case may be, were reduced by any amount paid in respect thereof, as repayment, in the taxation year or in a previous taxation year by the corporation, exceeds the aggregate of

(1)  the particular qualified wages for the particular taxation year, determined without reference to this section, and

(2)  any amount determined under this section, in respect of the particular qualified wages, for a previous taxation year; and

(b)  for the purposes of section 1029.8.36.7 in respect of that repayment,

i.  the corporation is deemed to hold a valid certificate issued for the taxation year by the Minister of Economic and Regional Development and Research on which the name of the particular designer appears, and

ii.  the portion of the first paragraph of section 1029.8.36.7 before subparagraph a shall be read without reference to the words "and a copy of the certificate",

iii.  (subparagraph repealed).

1995, c. 1, s. 157; 1995, c. 63, s. 189; 1997, c. 3, s. 71; 1997, c. 85, s. 258; 1998, c. 16, s. 231; 1999, c. 8, s. 20; 2001, c. 7, s. 169; 2001, c. 51, s. 178; 2003, c. 29, s. 135; O.C. 222-2004.