I-3 - Taxation Act

Section 1029.8.36.117 Disposition versions

2010-04-20

1029.8.36.117. (Repealed).

1999, c. 86, s. 85; 2003, c. 9, s. 333; 2005, c. 23, s. 219; 2010, c. 5, s. 158.

2006-03-01

1029.8.36.117. Where a partnership operating an international financial centre in a fiscal period employs an individual as an eligible specialist in the calendar year ending in that fiscal period, each taxpayer, other than a tax-exempt taxpayer, that is a member of the partnership at the end of that fiscal period is deemed, subject to the second paragraph, to have paid to the Minister on the taxpayer’s balance-due day for the taxpayer’s taxation year in which that fiscal period ends, on account of the taxpayer’s tax payable for that year under this Part, an amount equal to 30% of the taxpayer’s share, for that fiscal period, of the qualified wages attributed to that fiscal period and paid to the individual by the partnership, if the taxpayer encloses, with the fiscal return the individual is required to file for that taxation year under section 1000, the prescribed form containing the prescribed information and a copy of the certificate issued to the partnership for all or any part of the calendar year in respect of the individual pursuant to section 22 of the Act respecting international financial centres (chapter C-8.3).

For the purpose of computing the payments that a taxpayer referred to in the first paragraph is required to make under section 1025 or 1026, subparagraph a of the first paragraph of section 1027, or any of sections 1145, 1159.7, 1175 and 1175.19 where they refer to that subparagraph a, for the taxpayer’s taxation year in which the fiscal period of the partnership ends, the taxpayer is deemed to have paid to the Minister, on account of the aggregate of the taxpayer’s tax payable for the year under this Part and of the taxpayer’s tax payable for the year under Parts IV, 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.

For the purposes of the first paragraph, the share, for the fiscal period of a partnership, of a taxpayer who is a member of the partnership, of any amount is equal to such proportion of that amount as the taxpayer’s share of the income or loss of the partnership for that fiscal period is of the income or loss of the partnership for that fiscal period, on the assumption that, if the income and loss of the partnership for that fiscal period are nil, the partnership’s income for that fiscal period is equal to $1,000,000.

1999, c. 86, s. 85; 2003, c. 9, s. 333; 2005, c. 23, s. 219.