I-3 - Taxation Act

Section 1029.8.36.0.106.17 Disposition versions

2023-04-01

1029.8.36.0.106.17. A qualified corporation for a taxation year that encloses the documents described in the third paragraph with the fiscal return it is required to file under section 1000 for the year is deemed, subject to the fourth paragraph, to have paid to the Minister on the corporation’s balance-due day for the year, on account of its tax payable for the year under this Part, an amount equal to the amount by which the amount determined under section 1029.8.36.0.106.21 is exceeded by the aggregate of all amounts each of which is an amount determined, for a particular month of the year, in respect of an eligible biofuel, by the formula

A × B.

In the formula in the first paragraph,

(a)  A, expressed as a number of litres, is the lesser of

i.  the qualified corporation’s eligible production of biofuel, in relation to the eligible biofuel, for the particular month, and

ii.  the qualified corporation’s monthly ceiling on the production of biofuel, in respect of the eligible biofuel, for the particular month; and

(b)  B is the amount determined in accordance with section 1029.8.36.0.106.19, in respect of a litre of the eligible biofuel.

The documents to which the first paragraph refers are the following:

(a)  the prescribed form containing prescribed information;

(b)  a copy of any certificate that has been issued to the corporation for the purposes of this division, for the taxation year or a preceding taxation year, in respect of an eligible biofuel that it produces and that is included in its eligible production of biofuel for a particular month of the year;

(c)  a copy of a report specifying, in respect of each month of the taxation year, the qualified corporation’s eligible production of biofuel; and

(d)  if applicable, a copy of the agreement described in section 1029.8.36.0.106.18.

For the purpose of computing the payments that a qualified corporation is required to make under subparagraph a of the first paragraph of section 1027, or any of sections 1159.7, 1175 and 1175.19 if they refer to that subparagraph a, that corporation is deemed to have paid to the Minister, on account of the aggregate of its tax payable for the taxation year under this Part and of its tax payable for the taxation year under Parts IV.1, VI and VI.1, on the date on or before which each payment is required to be made, an amount equal to the lesser of

(a)  the amount by which the amount determined under the first paragraph for the year exceeds the aggregate of all amounts each of which is the portion of that amount that may reasonably be considered to be deemed to have been paid to the Minister under this paragraph in the year but before that date; and

(b)  the amount by which the amount of that payment, determined without reference to this chapter, exceeds the aggregate of all amounts each of which is an amount that is deemed, under this chapter but otherwise than under the first paragraph, to have been paid to the Minister on that date, for the purpose of computing that payment.

2023, c. 2, s. 44.