I-3 - Taxation Act

Section 1079.13.2 Disposition versions

2021-12-10

1079.13.2. If, as a consequence of the application of section 1079.10 in respect of a transaction, the tax consequences to a person (in this section referred to as the “particular person”) are determined as is reasonable in the circumstances in order to deny a tax benefit, the promoter of the transaction, or of the series of transactions that includes the transaction, incurs a penalty equal to 100% of

(a)  if the transaction or series of transactions is carried out by the particular person, the aggregate of all amounts each of which is a consideration that the promoter, or a person or partnership related to, or associated with, the promoter, has received or is entitled to receive, directly or indirectly, from any person or partnership in respect of the transaction; or

(b)  if the transaction or series of transactions is carried out by a partnership of which the particular person is a member, the amount that is the agreed proportion of the aggregate referred to in subparagraph a in respect of the particular person for the partnership’s fiscal period in which the transaction or series of transactions is carried out.

2010, c. 25, s. 193; 2019, c. 14, s. 431; 2020, c. 12, s. 148; 2021, c. 36, s. 143.

2021-01-01

1079.13.2. If a person (in this section referred to as the “particular person”) incurs a penalty under section 1079.13.1 in respect of a transaction, the promoter of the transaction, or of the series of transactions that includes the transaction, incurs a penalty equal to 100% of

(a)  if the transaction or series of transactions is carried out by the particular person, the aggregate of all amounts each of which is a consideration that the promoter, or a person or partnership related to, or associated with, the promoter, has received or is entitled to receive, directly or indirectly, from any person or partnership in respect of the transaction; or

(b)  if the transaction or series of transactions is carried out by a partnership of which the particular person is a member, the amount that is the agreed proportion of the aggregate referred to in subparagraph a in respect of the particular person for the partnership’s fiscal period in which the transaction or series of transactions is carried out.

If a penalty incurred by a particular person under section 1079.13.1 in relation to a transaction is cancelled in consequence of an objection, contestation or appeal, as the case may be, the Minister shall, despite the expiry of the time limits provided for in section 1010, make a reassessment and redetermine the interest and penalties payable by the promoter of the transaction or of the series of transactions, under the first paragraph, in order to take the decision or judgment into account.

2010, c. 25, s. 193; 2019, c. 14, s. 431; 2020, c. 12, s. 148.

2019-06-19

1079.13.2. If a person (in this section referred to as the “particular person”) incurs a penalty under section 1079.13.1 in respect of a transaction, the promoter of the transaction, or of the series of transactions that includes the transaction, incurs a penalty equal to 100% of

(a)  if the transaction or series of transactions is carried out by the particular person, the aggregate of all amounts each of which is a consideration that the promoter, or a person or partnership related to, or associated with, the promoter, has received or is entitled to receive, directly or indirectly, from any person or partnership in respect of the transaction; or

(b)  if the transaction or series of transactions is carried out by a partnership of which the particular person is a member, the amount that is the agreed proportion of the aggregate referred to in subparagraph a in respect of the particular person for the partnership’s fiscal period in which the transaction or series of transactions is carried out.

If a penalty incurred by a particular person under section 1079.13.1 in relation to a transaction is cancelled in consequence of an objection, an appeal or a summary appeal, as the case may be, the Minister shall, despite the expiry of the time limits provided for in section 1010, make a reassessment and redetermine the interest and penalties payable by the promoter of the transaction or of the series of transactions, under the first paragraph, in order to take the decision or judgment into account.

2010, c. 25, s. 193; 2019, c. 14, s. 431.

2010-10-27

1079.13.2. If a person (in this section referred to as the “particular person”) incurs a penalty under section 1079.13.1 in respect of a transaction, the promoter of the transaction, or of the series of transactions that includes the transaction, incurs a penalty equal to 12.5% of

(a)  if the transaction or series of transactions is carried out by the particular person, the aggregate of all amounts each of which is a consideration that the promoter, or a person or partnership related to, or associated with, the promoter, has received or is entitled to receive, directly or indirectly, from any person or partnership in respect of the transaction; or

(b)  if the transaction or series of transactions is carried out by a partnership of which the particular person is a member, the amount that is the agreed proportion of the aggregate referred to in subparagraph a in respect of the particular person for the partnership’s fiscal period in which the transaction or series of transactions is carried out.

If a penalty incurred by a particular person under section 1079.13.1 in relation to a transaction is cancelled in consequence of an objection, an appeal or a summary appeal, as the case may be, the Minister shall, despite the expiry of the time limits provided for in section 1010, make a reassessment and redetermine the interest and penalties payable by the promoter of the transaction or of the series of transactions, under the first paragraph, in order to take the decision or judgment into account.

2010, c. 25, s. 193.