I-3 - Taxation Act

Section 1029.8.36.53.2 Disposition versions

2010-10-27

1029.8.36.53.2. (Repealed).

2002, c. 40, s. 165; 2003, c. 9, s. 279; 2010, c. 25, s. 137.

2006-03-01

1029.8.36.53.2. An eligible taxpayer who, for a taxation year, encloses with the fiscal return the eligible taxpayer is required to file for the year under section 1000, or would be required to so file if tax were payable by the eligible taxpayer under this Part, a copy of the registration certificate issued by Standardbred Canada in respect of the eligible horse and the prescribed form containing prescribed information in respect of the eligible horse, is deemed, subject to the third paragraph, to have paid to the Minister, on the eligible taxpayer’s balance-due day for the year, on account of the eligible taxpayer’s tax payable for the year under this Part, an amount equal to 30% of the aggregate of all amounts each of which is a qualified expenditure made by the eligible taxpayer in the year in respect of the eligible horse.

However, for the purposes of the first paragraph, the aggregate of all amounts each of which is a qualified expenditure made by an eligible taxpayer in a taxation year in respect of an eligible horse shall not exceed $12,000.

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.

2002, c. 40, s. 165; 2003, c. 9, s. 279.