I-3 - Taxation Act

Section 1033.21 Disposition versions

2019-06-19

1033.21. Subject to section 1033.25, if it is determined at a particular time that security accepted by the Minister under section 1033.17 or 1033.18 is not adequate to secure the particular amount for which it was furnished by or on behalf of the individual’s legal representative or the trust, as the case may be, the following rules apply:

(a)  subject to a subsequent application of this section, the security shall be considered after the particular time to secure only the amount for which it is security considered satisfactory at the particular time;

(b)  the Minister shall notify in writing the legal representative or trust, or the person referred to in the fourth paragraph of section 1033.17 or 1033.18, of the determination and shall accept security satisfactory to the Minister, for all or any part of the particular amount, furnished by the person concerned or on that person’s behalf within 90 days after the notification;

(c)  any security accepted in accordance with subparagraph b is deemed to have been accepted by the Minister under section 1033.17 or 1033.18, as the case may be, on account of the particular amount at the particular time; and

(d)  if the person concerned fails to furnish, within the time prescribed in subparagraph b, security satisfactory to the Minister to secure the particular amount in its entirety, the portion of subparagraph b of the first paragraph of section 1033.17 or 1033.18 before subparagraph i is to be read, after the particular time and subject to a subsequent application of this section, as if “100%” were replaced by the percentage determined by the formula

100 % − [(120 % − A) / 120 %].

In the formula in subparagraph d of the first paragraph, A is the proportion, expressed as a percentage, that the value of the security at the particular time, determined in accordance with the first paragraph, is of the amount that would be determined by the formula in subparagraph i of subparagraph a of the first paragraph of section 1033.17 or 1033.18, as the case may be, if it were read without “120%”.

2019, c. 14, s. 424.