I-3 - Taxation Act

Section 1129.33.2 Disposition versions

2009-06-04

1129.33.2. Every taxpayer who is deemed to have paid to the Minister, under section 1029.8.21.5, an amount as partial payment of tax payable for any taxation year under Part I, in relation to acquisition costs in respect of qualified property, shall pay tax, for a particular taxation year, equal

(a)  to the amount by which the aggregate of all amounts each of which is an amount the taxpayer is deemed to have paid to the Minister, under section 1029.8.21.5, in respect of the property for a taxation year preceding the particular year, exceeds the aggregate of all amounts each of which is tax the taxpayer is required to pay under this section in respect of the property for a taxation year preceding the particular year, where

i.  at any time between the taxpayer’s filing-due date for the preceding taxation year and the day after the earlier of the day that is the end of the period of 730 days following the beginning of the use of the qualified property by the taxpayer and the taxpayer’s filing-due date for the particular year, the property ceases, otherwise than by reason of the loss or involuntary destruction of the property by fire, theft or water or of a major breakdown of the property, to be used solely in Québec to earn income from a dry-cleaning business operated

(1)  by the taxpayer, and that time is also within the portion of that period in which the taxpayer owns the property, or

(2)  by a person who acquired the property from the taxpayer in any of the circumstances described in section 130R149 of the Regulation respecting the Taxation Act (chapter I-3, r. 1), and that time is also within the portion of that period in which the person owns the property, or

ii.  on or before the taxpayer’s filing-due date for the particular year, the validation certificate issued to the taxpayer in relation to the qualified property is revoked; or

(b)  where paragraph a does not apply to the particular year nor has been applied to a preceding taxation year in relation to the property and where, during the particular year, an amount relating to those acquisition costs, in respect of which the taxpayer is deemed, under section 1029.8.21.5, to have paid an amount for a taxation year preceding the particular year, is, directly or indirectly, refunded or otherwise paid to the taxpayer or allocated to a payment to be made by the taxpayer, to the amount obtained by applying to the amount so refunded, paid or allocated the percentage applied to the acquisition costs for that preceding year under section 1029.8.21.5.

1997, c. 85, s. 307; 2000, c. 39, s. 264; 2007, c. 12, s. 256; 2009, c. 15, s. 402.

2007-11-07

1129.33.2. Every taxpayer who is deemed to have paid to the Minister, under section 1029.8.21.5, an amount as partial payment of tax payable for any taxation year under Part I, in relation to acquisition costs in respect of qualified property, shall pay tax, for a particular taxation year, equal

(a)  to the amount by which the aggregate of all amounts each of which is an amount the taxpayer is deemed to have paid to the Minister, under section 1029.8.21.5, in respect of the property for a taxation year preceding the particular year, exceeds the aggregate of all amounts each of which is tax the taxpayer is required to pay under this section in respect of the property for a taxation year preceding the particular year, where

i.  at any time between the taxpayer’s filing-due date for the preceding taxation year and the day after the earlier of the day that is the end of the period of 730 days following the beginning of the use of the qualified property by the taxpayer and the taxpayer’s filing-due date for the particular year, the property ceases, otherwise than by reason of the loss or involuntary destruction of the property by fire, theft or water or of a major breakdown of the property, to be used solely in Québec to earn income from a dry-cleaning business operated

(1)  by the taxpayer, and that time is also within the portion of that period in which the taxpayer owns the property; or

(2)  by a person who acquired the property from the taxpayer in any of the circumstances described in section 130R71 of the Regulation respecting the Taxation Act (R.R.Q., 1981, chapter I-3, r.1), and that time is also within the portion of that period in which the person owns the property, or

ii.  on or before the taxpayer’s filing-due date for the particular year, the validation certificate issued to the taxpayer in relation to the qualified property is revoked; or

(b)  where paragraph a does not apply to the particular year nor has been applied to a preceding taxation year in relation to the property and where, during the particular year, an amount relating to those acquisition costs, in respect of which the taxpayer is deemed, under section 1029.8.21.5, to have paid an amount for a taxation year preceding the particular year, is, directly or indirectly, refunded or otherwise paid to the taxpayer or allocated to a payment to be made by the taxpayer, to the amount obtained by applying to the amount so refunded, paid or allocated the percentage applied to the acquisition costs for that preceding year under section 1029.8.21.5.

1997, c. 85, s. 307; 2000, c. 39, s. 264; 2007, c. 12, s. 256.

2006-03-01

1129.33.2. Every taxpayer who is deemed to have paid to the Minister, under section 1029.8.21.5, an amount as partial payment of tax payable for any taxation year under Part I, in relation to acquisition costs in respect of qualified property, shall pay tax, for a particular taxation year, equal

(a)  to the amount by which the aggregate of all amounts each of which is an amount the taxpayer is deemed to have paid to the Minister, under section 1029.8.21.5, in respect of the property for a taxation year preceding the particular year, exceeds the aggregate of all amounts each of which is tax the taxpayer is required to pay under this section in respect of the property for a taxation year preceding the particular year, where

i.  at any time between the taxpayer’s filing-due date for the preceding taxation year and the day after the earlier of the day that is the end of the period of 730 days following the beginning of the use of the qualified property by the taxpayer and the taxpayer’s filing-due date for the particular year, the property ceases, otherwise than by reason of the loss or involuntary destruction of the property by fire, theft or water or of a major breakdown of the property, to be used solely in Québec to earn income from a dry-cleaning business operated

(1)  by the taxpayer, and that time is also within the portion of that period in which the taxpayer owns the property; or

(2)  by a person who acquired the property from the taxpayer in any of the circumstances described in section 130R71 of the Regulation respecting the Taxation Act (R.R.Q., 1981, chapter I-3, r.1), and that time is also within the portion of that period in which the person owns the property, or

ii.  on or before the taxpayer’s filing-due date for the particular year, the validation certificate issued to the taxpayer in relation to the qualified property is revoked; or

(b)  where paragraph a does not apply to the particular year nor has been applied to a preceding taxation year in relation to the property and where, during the particular year, an amount relating to those acquisition costs, in respect of which the taxpayer is deemed, under section 1029.8.21.5, to have paid an amount for a taxation year preceding the particular year, is, directly or indirectly, repaid to the taxpayer or allocated to a payment to be made by the taxpayer, to the amount obtained by applying to the amount so repaid or allocated the percentage applied to the acquisition costs for that preceding year under section 1029.8.21.5.

1997, c. 85, s. 307; 2000, c. 39, s. 264.