I-3 - Taxation Act

Section 1029.8.16.6 Disposition versions

2010-10-27

1029.8.16.6. (Repealed).

2000, c. 39, s. 128; 2003, c. 9, s. 185; 2004, c. 21, s. 276; 2010, c. 25, s. 122.

2006-03-01

1029.8.16.6. A qualified corporation for a taxation year beginning after 30 June 1999 and before 13 June 2003, in this section referred to as the “eligible taxation year”, that encloses, with the fiscal return it is required to file for the eligible taxation year under section 1000, the prescribed form containing the prescribed information, is deemed, subject to the second paragraph, to have paid to the Minister on the qualified corporation’s balancedue day for the eligible taxation year, on account of its tax payable for that year under this Part, an amount equal to 15% of the amount by which its eligible amount for the eligible taxation year exceeds its expenditure base for the eligible taxation year.

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 eligible taxation year that is subsequent to the first eligible taxation year of the qualified corporation, and of its tax payable for the particular eligible 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 eligible taxation year preceding the particular eligible taxation year and the amount determined under that paragraph for the particular eligible 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 eligible 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.

2000, c. 39, s. 128; 2003, c. 9, s. 185; 2004, c. 21, s. 276.