I-3 - Taxation Act

Section 1029.8.36.53 Disposition versions

2006-03-01

1029.8.36.53. A taxpayer, other than a taxpayer exempt from tax payable under this Part, is deemed, subject to the second paragraph, to have paid to the Minister for a taxation year on the taxpayer’s balance-due day for that year, on account of the taxpayer’s tax payable under this Part for that year, an amount equal to the amount by which the taxpayer’s Part III.12 tax credit for the year exceeds the amount deducted under section 776.1.6 in computing the taxpayer’s tax payable under this Part for the year.

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, 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.

1996, c. 39, s. 250; 1997, c. 3, s. 71; 1997, c. 31, s. 143; 2005, c. 1, s. 243.