I-3 - Taxation Act

Section 1079.8.15.1 Disposition versions

2021-06-02

1079.8.15.1. If a particular taxpayer is a party to a nominee contract entered into in the course of a transaction or is a member of a partnership that is a party to such a contract and if, in relation to a taxation year of the particular taxpayer for which tax consequences under this Act result from the transaction, the particular taxpayer fails to send, in accordance with section 1079.8.6.4, an information return in respect of the contract and the transaction, the Minister may, despite the expiry of the time limits provided for in section 1010, redetermine the tax, interest and penalties or any other amount, under this Act and make a redetermination, reassessment or additional assessment for the taxation year in respect of the particular taxpayer

(a)  on or before the day that is three years after the day on which an information return containing the information required by section 1079.8.6.4 is sent to the Minister in respect of the transaction, if the period for which the Minister could, before the expiry of the time limits provided for in section 1010, make a reassessment or an additional assessment in respect of the particular taxpayer is the period referred to in paragraph a of subsection 2 of section 1010;

(b)  on or before the day that is four years after the day referred to in subparagraph a, if the period for which the Minister could, before the expiry of the time limits provided for in section 1010, make a reassessment or an additional assessment in respect of the particular taxpayer is the period referred to in paragraph a.0.1 of subsection 2 of section 1010;

(c)  on or before the day that is six years after the day referred to in subparagraph a, if the period for which the Minister could, before the expiry of the time limits provided for in section 1010, make a reassessment or an additional assessment in respect of the particular taxpayer is the first period referred to either in paragraph a.1 of subsection 2 of section 1010 if any of the conditions in subparagraphs i to vii of that paragraph a.1 is applicable in respect of the transaction, or in paragraph a.1.1 of that subsection 2 if the conditions in that paragraph a.1.1 are applicable in respect of the transaction; or

(d)  on or before the day that is seven years after the day referred to in subparagraph a, if the period for which the Minister could, before the expiry of the time limits provided for in section 1010, make a reassessment or an additional assessment in respect of the particular taxpayer is the second period referred to either in paragraph a.1 of subsection 2 of section 1010 if any of the conditions in subparagraphs i to vii of that paragraph a.1 is applicable in respect of the transaction, or in paragraph a.1.1 of that subsection 2 if the conditions in that paragraph a.1.1 are applicable in respect of the transaction.

However, the Minister may, in respect of a taxation year for which tax consequences under this Act result from a transaction referred to in the first paragraph, make a reassessment or an additional assessment under the first paragraph only to the extent that the reassessment or additional assessment may reasonably be considered to relate to those tax consequences.

2020, c. 16, s. 176; 2021, c. 14, s. 184.

2020-09-24

1079.8.15.1. If a particular taxpayer is a party to a nominee contract entered into in the course of a transaction or is a member of a partnership that is a party to such a contract and if, in relation to a taxation year of the particular taxpayer for which tax consequences under this Act result from the transaction, the particular taxpayer fails to send, in accordance with section 1079.8.6.4, an information return in respect of the contract and the transaction, the Minister may, despite the expiry of the time limits provided for in section 1010, redetermine the tax, interest and penalties or any other amount, under this Act and make a redetermination, reassessment or additional assessment for the taxation year in respect of the particular taxpayer

(a)  on or before the day that is three years after the day on which an information return containing the information required by section 1079.8.6.4 is sent to the Minister in respect of the transaction, if the period for which the Minister could, before the expiry of the time limits provided for in section 1010, make a reassessment or an additional assessment in respect of the particular taxpayer is the period referred to in paragraph a of subsection 2 of section 1010;

(b)  on or before the day that is four years after the day referred to in subparagraph a, if the period for which the Minister could, before the expiry of the time limits provided for in section 1010, make a reassessment or an additional assessment in respect of the particular taxpayer is the period referred to in paragraph a.0.1 of subsection 2 of section 1010;

(c)  on or before the day that is six years after the day referred to in subparagraph a, if the period for which the Minister could, before the expiry of the time limits provided for in section 1010, make a reassessment or an additional assessment in respect of the particular taxpayer is the first period referred to in paragraph a.1 of subsection 2 of section 1010 and if any of the conditions in subparagraphs i to vii of that paragraph a.1 is applicable in respect of the transaction; or

(d)  on or before the day that is seven years after the day referred to in subparagraph a, if the period for which the Minister could, before the expiry of the time limits provided for in section 1010, make a reassessment or an additional assessment in respect of the particular taxpayer is the second period referred to in paragraph a.1 of subsection 2 of section 1010 and if any of the conditions in subparagraphs i to vii of that paragraph a.1 is applicable in respect of the transaction.

However, the Minister may, in respect of a taxation year for which tax consequences under this Act result from a transaction referred to in the first paragraph, make a reassessment or an additional assessment under the first paragraph only to the extent that the reassessment or additional assessment may reasonably be considered to relate to those tax consequences.

2020, c. 16, s. 176.