I-3 - Taxation Act

Section 1029.8.36.72.31 Disposition versions

2021-06-04

1029.8.36.72.31. (Repealed).

2001, c. 51, s. 182; 2002, c. 9, s. 96; 2003, c. 2, s. 270; 2003, c. 9, s. 300; 2004, c. 21, s. 377; 2005, c. 38, s. 264; 2021, c. 18, s. 125.

2006-03-01

1029.8.36.72.31. A qualified corporation for a calendar year after the calendar year 1999 and before the calendar year 2007 that is associated with one or more other corporations at the end of the calendar year and encloses the documents referred to in the third paragraph with the fiscal return the qualified corporation is required to file under section 1000 for the taxation year in which the calendar year ends is deemed, subject to the fourth paragraph, to have paid to the Minister on the qualified corporation’s balance-due day for that taxation year, on account of its tax payable for that taxation year under this Part, an amount equal to 40% of the aggregate of

(a)  if, in the taxation year, the qualified corporation carries on a recognized business in the Angus Technopole, subject to the second paragraph, the least of

i.  the amount by which the aggregate of all amounts each of which is the salary or wages paid by the qualified corporation to an employee in a pay period, within the calendar year, for which the employee is an eligible employee exceeds the aggregate of all amounts each of which is the salary or wages paid by the qualified corporation to an employee in a pay period, within the qualified corporation’s base period in relation to the calendar year, for which the employee is an eligible employee or, where the calendar year, except in the case of a corporation that results from an amalgamation or a corporation to which section 1029.8.36.72.39 applies in relation to the calendar year, ends in the first taxation year of the corporation, an amount equal to zero,

ii.  the amount by which the aggregate of the qualified corporation’s eligible amount for the calendar year and the eligible amount for the calendar year of each corporation with which the qualified corporation is associated at the end of the calendar year exceeds the aggregate of the qualified corporation’s base amount in relation to that calendar year and the base amount of each corporation with which the qualified corporation is associated at the end of that calendar year in relation to that calendar year, and

iii.  the amount by which the qualified corporation’s eligible amount for the calendar year exceeds the qualified corporation’s base amount in relation to that calendar year; and

(b)  the eligible repayment of assistance of the qualified corporation for the taxation year.

Where the qualified corporation referred to in subparagraph a of the first paragraph is associated, at the end of the calendar year, with at least one other qualified corporation carrying on a recognized business in the Angus Technopole in the taxation year during which the calendar year ends, the amount determined under subparagraph a shall not exceed the amount that is attributed to it in respect of the calendar year pursuant to the agreement referred to in section 1029.8.36.72.32.

The documents to which the first paragraph refers are the following:

(a)  the prescribed form containing the prescribed information;

(b)  a copy of the unrevoked qualification certificate issued to the qualified corporation in relation to the recognized business; and

(c)  where the second paragraph applies, the agreement referred to in section 1029.8.36.72.32 in prescribed form.

For the purpose of computing the payments that a qualified corporation is required to make under 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 qualified corporation is deemed to have paid to the Minister, on account of the aggregate of its tax payable under this Part, for a particular taxation year that is subsequent to the first taxation year in which the first calendar year within the qualified corporation’s eligibility period ends in relation to a recognized business, and of its tax payable for the particular taxation 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 particular amount that is the lesser of the amount determined under the first paragraph for the taxation year preceding the particular taxation year and the amount determined under that paragraph for the particular taxation year exceeds the aggregate of all amounts each of which is the portion of the particular amount that may reasonably be considered to be deemed to have been paid to the Minister under this paragraph in the particular taxation 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.

2001, c. 51, s. 182; 2002, c. 9, s. 96; 2003, c. 2, s. 270; 2003, c. 9, s. 300; 2004, c. 21, s. 377; 2005, c. 38, s. 264.