I-3 - Taxation Act

Section 1010.0.0.1 Disposition versions

2016-01-01

1010.0.0.1. Despite the expiry of the time limits provided for in section 1010, if a taxpayer has deducted, or is a member of a partnership that has deducted, in respect of a property described in the second paragraph, an amount in computing income under paragraph a of section 130 or the second paragraph of section 130.1 for a taxation year or a fiscal period, as the case may be, ending before all the conditions applicable to the property and set out in the third paragraph have been met, and, in a subsequent taxation year or fiscal period, an event occurs that results in any of those conditions not being able to be met, the following rules apply:

(a)  the Minister may, at any time, but for the amended fiscal return that the taxpayer is required to file under section 1000.2 or 1000.3, redetermine the tax, interest and penalties payable under this Part by the taxpayer for any taxation year for which tax consequences under this Part arise from the fact that, in the case of a property described in subparagraph a of the second paragraph, the property cannot be included in the class provided for in that subparagraph or, in the case of a property described in subparagraph b of the second paragraph, the property does not meet all the conditions prescribed for the purposes of subparagraph b of the third paragraph; 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 notice 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 section 1000.2 or 1000.3, or

ii.  within four years after the day referred to in subparagraph i if, at the end of the taxation year concerned, the taxpayer is a mutual fund trust or a corporation other than a Canadian-controlled private corporation.

The property to which the first paragraph refers is

(a)  a property in Class 12 of Schedule B to the Regulation respecting the Taxation Act (chapter I-3, r. 1) because of subparagraph t of the first paragraph of that class or of the second or fourth paragraph of that class; or

(b)  a prescribed property.

The conditions to which the first paragraph refers are

(a)  in the case of a property described in subparagraph a of the second paragraph, the conditions of subparagraph t of the first paragraph of Class 12 of Schedule B to the Regulation respecting the Taxation Act or of the second or fourth paragraph of that class; or

(b)  in the case of a property described in subparagraph b of the second paragraph, the prescribed conditions.

However, the Minister may, in respect of a taxation year for which tax consequences under this Part arise from the fact that the property cannot be so included in a class, 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 section 1000.2 or 1000.3.

1999, c. 83, s. 164; 2004, c. 4, s. 10; 2004, c. 21, s. 246; 2011, c. 1, s. 50; I.N. 2016-01-01 (NCCP).

2011-02-17

1010.0.0.1. Despite the expiry of the time limits provided for in section 1010, if a taxpayer has deducted, or is a member of a partnership that has deducted, in respect of a property described in the second paragraph, an amount in computing income under paragraph a of section 130 or the second paragraph of section 130.1 for a taxation year or a fiscal period, as the case may be, ending before all the conditions applicable to the property and set out in the third paragraph have been met, and, in a subsequent taxation year or fiscal period, an event occurs that results in any of those conditions not being able to be met, the following rules apply:

(a)  the Minister may, at any time, but for the amended fiscal return that the taxpayer is required to file under section 1000.2 or 1000.3, redetermine the tax, interest and penalties payable under this Part by the taxpayer for any taxation year for which tax consequences under this Part arise from the fact that, in the case of a property described in subparagraph a of the second paragraph, the property cannot be included in the class provided for in that subparagraph or, in the case of a property described in subparagraph b of the second paragraph, the property does not meet all the conditions prescribed for the purposes of subparagraph b of the third paragraph; 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 section 1000.2 or 1000.3, or

ii.  within four years after the day referred to in subparagraph i if, at the end of the taxation year concerned, the taxpayer is a mutual fund trust or a corporation other than a Canadian-controlled private corporation.

The property to which the first paragraph refers is

(a)  a property in Class 12 of Schedule B to the Regulation respecting the Taxation Act (chapter I-3, r. 1) because of subparagraph t of the first paragraph of that class or of the second or fourth paragraph of that class; or

(b)  a prescribed property.

The conditions to which the first paragraph refers are

(a)  in the case of a property described in subparagraph a of the second paragraph, the conditions of subparagraph t of the first paragraph of Class 12 of Schedule B to the Regulation respecting the Taxation Act or of the second or fourth paragraph of that class; or

(b)  in the case of a property described in subparagraph b of the second paragraph, the prescribed conditions.

However, the Minister may, in respect of a taxation year for which tax consequences under this Part arise from the fact that the property cannot be so included in a class, 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 section 1000.2 or 1000.3.

1999, c. 83, s. 164; 2004, c. 4, s. 10; 2004, c. 21, s. 246; 2011, c. 1, s. 50.

2006-03-01

1010.0.0.1. Notwithstanding the expiration of the time limits provided for in section 1010, where a taxpayer has deducted, or is a member of a partnership that has deducted, in respect of a property in Class 12 of Schedule B to the Regulation respecting the Taxation Act (R.R.Q., c. I-3, r. 1) because of subparagraph t of the first paragraph of that class or of the second or fourth paragraph of that class, an amount in computing the taxpayer’s income under paragraph a of section 130 or the second paragraph of section 130.1 for a taxation year or a fiscal period, as the case may be, ending before all the conditions applicable to the property and mentioned in that subparagraph t or that second or fourth paragraph of that class, as the case may be, have been met, and, in a subsequent taxation year or fiscal period, an event occurs that results in any of those conditions not being able to be met, the following rules apply:

(a)  the Minister may, at any time, but for the amended fiscal return that the taxpayer is required to file under section 1000.2 or 1000.3, redetermine the tax, interest and penalties payable under this Part by the taxpayer for any taxation year for which tax consequences under this Part arise from the fact that the property cannot be so included in that class; 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 section 1000.2 or 1000.3, or

ii.  within four years after the day referred to in subparagraph i if, at the end of the taxation year concerned, the taxpayer is a mutual fund trust or a corporation other than a Canadian-controlled private corporation.

However, the Minister may, in respect of a taxation year for which tax consequences under this Part arise from the fact that the property cannot be so included in a class, 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 section 1000.2 or 1000.3.

1999, c. 83, s. 164; 2004, c. 4, s. 10; 2004, c. 21, s. 246.