I-3 - Taxation Act

Section 1029.8.36.0.117.1 Disposition versions

2015-10-21

1029.8.36.0.117.1. Where an amount of government assistance or non-government assistance or a corporation’s share of an amount of government assistance or non-government assistance that reduced, in accordance with subparagraph a or b of the first paragraph of section 1029.8.36.0.115, the corporation’s qualified expenditure for a particular taxation year or the corporation’s share of the qualified expenditure of a partnership of which the corporation is a member at the end of a particular fiscal period of the partnership that ends in the particular taxation year, as the case may be, in respect of a qualified tourist accommodation establishment, is repaid before 1 January 2018 pursuant to a legal obligation by the corporation in a taxation year (in this section referred to as the “repayment year”) or by the partnership in a fiscal period (in this section referred to as the “fiscal period of repayment”), and the amount that is the lesser of the amounts determined under subparagraphs a and b of the first paragraph of section 1029.8.36.0.109 in respect of the corporation for the particular year, with reference to subparagraphs a and b of the first paragraph of section 1029.8.36.0.115, does not exceed the balance of the threshold of the corporation’s qualified expenditures for the particular year, the corporation is deemed, if it encloses the prescribed form containing prescribed information with the fiscal return it is required to file under section 1000 for the repayment year and, in the case of a repayment made by the partnership, if it is a member of the partnership at the end of the fiscal period of repayment, to have paid to the Minister on the corporation’s balance-due day for the repayment year on account of its tax payable for the year under this Part, an amount equal to the product obtained by multiplying the percentage described in the second paragraph by the amount by which the lesser of the following amounts exceeds the amount that would be the balance of the threshold of the corporation’s qualified expenditures for the repayment year if section 1029.8.36.0.107.1 were read without taking into account the application of this section in respect of the repayment year:

(a)  the amount by which the lesser of the aggregate of all amounts each of which is the amount of government assistance or non-government assistance relating to the corporation’s qualified expenditure, or the corporation’s share of the amount of government assistance or non-government assistance relating to the partnership’s qualified expenditure, if applicable, and the amount determined under subparagraph b of the first paragraph of section 1029.8.36.0.109 in respect of the corporation for the particular year exceeds the aggregate of all amounts each of which is the amount of a repayment of the government assistance or non-government assistance by the corporation in a taxation year preceding the repayment year, or the corporation’s share of the amount of the repayment of the government assistance or non-government assistance by the partnership in a fiscal period preceding the fiscal period of repayment, if applicable; and

(b)  the aggregate of all amounts each of which is the amount of repayment by the corporation in the repayment year, or the corporation’s share of the amount of repayment by the partnership in the fiscal period of repayment, if applicable.

The percentage to which the first paragraph refers is the percentage that would apply under section 1029.8.36.0.109 in respect of the qualified expenditure if the corporation had been deemed to have paid an amount to the Minister under that section for the particular taxation year.

For the purposes of the first paragraph, a corporation’s share of a particular amount, in relation to a qualified partnership of which it is a member at the end of a fiscal period, is equal to the agreed proportion of the amount, in respect of the corporation for the fiscal period.

2015, c. 21, s. 443.