I-3 - Taxation Act

Section 737.18.4 Disposition versions

2012-05-09

737.18.4. (Repealed).

1999, c. 83, s. 80; 2000, c. 39, s. 264; 2004, c. 4, s. 6; 2012, c. 8, s. 72.

2006-03-01

737.18.4. Where the Minister of Finance revokes a qualification certificate or a temporary certificate issued by the Minister of Finance to a qualified corporation in respect of a qualified investment fund of the qualified corporation, or a certificate issued by the Minister of Finance for a taxation year to a qualified corporation in respect of such a fund, and where that revocation occurs at a particular time within eight years or, where the corporation is not a Canadian-controlled private corporation, nine years after the reference date in respect of the fund, the following rules apply:

(a)  every certificate issued by the Minister of Finance to the qualified corporation in respect of that fund for a taxation year, and every qualification certificate or temporary certificate issued by the Minister of Finance to the qualified corporation in respect of that fund are, for the purposes of this Title, null and void from the time they were issued;

(b)  the corporation shall, for any taxation year that ends before the particular time, where the corporation has filed a fiscal return under section 1000 for that preceding year and the taxable income of the corporation as determined for that preceding year differs from the amount that would have been its taxable income for that preceding year if, in respect of the qualified investment fund, no qualification certificate or temporary certificate had been issued to the corporation, file with the Minister, on or before its filing-due date for the taxation year that includes the particular time, an amended fiscal return in which the corporation shall take into account the tax consequences of the revocation in respect of an amount relating to that preceding year.

Notwithstanding the expiration of the time limits provided for in section 1010,

(a)  the Minister may, within one year after the filing-due date referred to in subparagraph b of the first paragraph, but for the amended fiscal return that the corporation is required to file under that subparagraph b, redetermine the tax, interest and penalties payable under this Part by the corporation for any taxation year for which the revocation referred to in the first paragraph entails tax consequences under this Part; and

(b)  the Minister may also redetermine the tax, interest and penalties payable under this Part and make a reassessment or an additional assessment, as the case may be,

i.  within three years after the later of the day of sending, pursuant to subparagraph a, of a notice of assessment for a taxation year or of a notification that no tax is payable for a taxation year and the day on which an amended fiscal return for the taxation year is filed pursuant to subparagraph b of the first paragraph, or

ii.  within four years after the day referred to in subparagraph i if, at the end of the taxation year concerned, the corporation is not a Canadian-controlled private corporation.

However, the Minister may, in respect of a taxation year for which the revocation referred to in the first paragraph entails tax consequences under this Part, make an assessment, a reassessment or an additional assessment beyond the periods referred to in paragraph a or a.0.1 of subsection 2 of section 1010 only to the extent that the assessment, reassessment or additional assessment may reasonably be considered to relate to a tax consequence referred to in subparagraph b of the first paragraph.

1999, c. 83, s. 80; 2000, c. 39, s. 264; 2004, c. 4, s. 6.