I-3 - Taxation Act

Section 1029.8.36.120 Disposition versions

2010-04-20

1029.8.36.120. (Repealed).

1999, c. 86, s. 85; 2004, c. 21, s. 422; 2009, c. 15, s. 300; 2010, c. 5, s. 158.

2009-06-04

1029.8.36.120. Where, in respect of the employment of an individual with a particular corporation or partnership as an eligible specialist, a person or partnership has obtained, is entitled to obtain or may reasonably expect to obtain a benefit or advantage, other than a benefit or advantage that may reasonably be attributed to the employment, whether in the form of a reimbursement, compensation, guarantee, in the form of proceeds of disposition of property which exceed the fair market value of the property, or in any other form or manner, the following rules apply:

(a)  for the purpose of computing the amount that the particular corporation is deemed to have paid to the Minister under section 1029.8.36.116 for a particular taxation year, the aggregate referred to in subparagraph ii of paragraph b of the definition of “qualified wages” in the first paragraph of section 1029.8.36.115 in respect of the particular corporation for the particular year, in relation to the individual, shall be increased by the amount of the benefit or advantage that the person or partnership has obtained, is entitled to obtain or may reasonably expect to obtain on or before the particular corporation’s filing-due date for the particular taxation year; and

(b)  for the purpose of computing the amount that is deemed to have been paid to the Minister for a taxation year under section 1029.8.36.117 by a taxpayer that is a member of the particular partnership at the end of the partnership’s particular fiscal period ending in the year, the aggregate referred to in subparagraph ii of paragraph b of the definition of “qualified wages” in the first paragraph of section 1029.8.36.115 in respect of the partnership for that fiscal period, in relation to the individual, shall be increased by

i.  the amount of the benefit or advantage that a partnership or a person other than a person referred to in subparagraph ii has obtained, is entitled to obtain or may reasonably expect to obtain on or before the day that is six months after the end of the particular fiscal period, and

ii.  the product obtained by multiplying the amount of the benefit or advantage that the taxpayer or a person with whom the taxpayer is not dealing at arm’s length has obtained, is entitled to obtain or may reasonably expect to obtain on or before the day that is six months after the end of the particular fiscal period, by the reciprocal of the agreed proportion in respect of the taxpayer for the particular fiscal period.

1999, c. 86, s. 85; 2004, c. 21, s. 422; 2009, c. 15, s. 300.

2006-03-01

1029.8.36.120. Where, in respect of the employment of an individual with a particular corporation or partnership as an eligible specialist, a person or partnership has obtained, is entitled to obtain or may reasonably expect to obtain a benefit or advantage, other than a benefit or advantage that may reasonably be attributed to the employment, whether in the form of a reimbursement, compensation, guarantee, in the form of proceeds of disposition of property which exceed the fair market value of the property, or in any other form or manner, the following rules apply:

(a)  for the purpose of computing the amount that the particular corporation is deemed to have paid to the Minister under section 1029.8.36.116 for a particular taxation year, the aggregate referred to in subparagraph ii of paragraph b of the definition of “qualified wages” in the first paragraph of section 1029.8.36.115 in respect of the particular corporation for the particular year, in relation to the individual, shall be increased by the amount of the benefit or advantage that the person or partnership has obtained, is entitled to obtain or may reasonably expect to obtain on or before the particular corporation’s filing-due date for the particular taxation year; and

(b)  for the purpose of computing the amount that is deemed to have been paid to the Minister for a taxation year under section 1029.8.36.117 by a taxpayer that is a member of the particular partnership at the end of the partnership’s particular fiscal period ending in the year, the aggregate referred to in subparagraph ii of paragraph b of the definition of “qualified wages” in the first paragraph of section 1029.8.36.115 in respect of the partnership for that fiscal period, in relation to the individual, shall be increased by

i.  the amount of the benefit or advantage that a partnership or a person other than a person referred to in subparagraph ii has obtained, is entitled to obtain or may reasonably expect to obtain on or before the day that is six months after the end of the particular fiscal period, and

ii.  the product obtained by multiplying the amount of the benefit or advantage that the taxpayer or a person with whom the taxpayer is not dealing at arm’s length has obtained, is entitled to obtain or may reasonably expect to obtain on or before the day that is six months after the end of the particular fiscal period, by the proportion that the partnership’s income or loss for that fiscal period is of the taxpayer’s share of that income or loss, on the assumption that, if the partnership’s income and loss for the particular fiscal period are nil, the partnership’s income for that fiscal period is equal to $1,000,000.

1999, c. 86, s. 85; 2004, c. 21, s. 422.