I-3 - Taxation Act

Section 1029.8.36.0.25 Disposition versions

2012-05-09

1029.8.36.0.25. A corporation that is an exempt corporation, or a specified corporation in respect of a biotechnology development centre, for a taxation year is deemed, subject to the second paragraph, to have paid to the Minister on the corporation’s balance-due day for that year, on account of its tax payable for that year under this Part, an amount equal to the amount by which the aggregate of all amounts each of which is equal to 40% of the acquisition costs incurred by the corporation in the year or a preceding taxation year in respect of the acquisition of qualified property during the year or a preceding taxation year and during its eligibility period, or of the rental expenses paid by the corporation in the year or a preceding taxation year and during its eligibility period, in respect of qualified property of the corporation, exceeds the aggregate of all amounts each of which is an amount that the corporation is deemed to have paid to the Minister in respect of the qualified property for a preceding taxation year under this section or section 1029.8.36.0.6, as it read for that preceding taxation year, if the corporation encloses with the fiscal return it is required to file for the year under section 1000,

(a)  the prescribed form containing the prescribed information;

(b)  a copy of the certificate issued to it by Investissement Québec in respect of the qualified property for the purposes of this division or Division II.6.0.2, as it read before being repealed; and

(c)  if the corporation is a specified corporation in respect of a biotechnology development centre,

i.  a copy of the certificate referred to in paragraph c of the definition of “specified corporation” in the first paragraph of section 1029.8.36.0.17 that Investissement Québec issued to the corporation for the year and for the purposes of this division, and

ii.  a copy of the certificate that Investissement Québec issued to the corporation for the year and for the purposes of this division in respect of a specified activity, in relation to the biotechnology development centre, that is an activity for the carrying out of which the corporation uses the qualified property.

For the purpose of computing the payments that a corporation referred to in the first paragraph 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 corporation is deemed to have paid to the Minister, on account of the aggregate of its tax payable for the year under this Part and of its tax payable for the 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 amount determined under the first paragraph for the year exceeds the aggregate of all amounts each of which is the portion of that amount that may reasonably be considered to be deemed to have been paid to the Minister under this paragraph in the 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. 176; 2001, c. 51, s. 152; 2001, c. 69, s. 12; 2003, c. 9, s. 229; 2005, c. 23, s. 172; 2012, c. 8, s. 208.

2006-03-01

1029.8.36.0.25. A corporation that is an exempt corporation, or a specified corporation in respect of a biotechnology development centre, for a taxation year is deemed, subject to the second paragraph, to have paid to the Minister on the corporation’s balance-due day for that year, on account of its tax payable for that year under this Part, an amount equal to the amount by which the aggregate of all amounts each of which is equal to 40% of the acquisition costs incurred by the corporation in the year or a preceding taxation year in respect of the acquisition of qualified property during the year or a preceding taxation year and during its eligibility period, or of the rental expenses paid by the corporation in the year or a preceding taxation year and during its eligibility period, in respect of qualified property of the corporation, exceeds the aggregate of all amounts each of which is an amount that the corporation is deemed to have paid to the Minister in respect of the qualified property for a preceding taxation year under this section or section 1029.8.36.0.6, as it read for that preceding taxation year, if the corporation encloses with the fiscal return it is required to file for the year under section 1000,

(a)  the prescribed form containing the prescribed information;

(b)  a copy of the unrevoked certificate issued to it by Investissement Québec in respect of the qualified property for the purposes of this division or Division II.6.0.2, as it read before being repealed; and

(c)  if the corporation is a specified corporation in respect of a biotechnology development centre,

i.  a copy of the unrevoked certificate referred to in paragraph c of the definition of “specified corporation” in the first paragraph of section 1029.8.36.0.17 that Investissement Québec issued to the corporation for the year and for the purposes of this division, and

ii.  a copy of the unrevoked certificate that Investissement Québec issued to the corporation for the year and for the purposes of this division in respect of a specified activity, in relation to the biotechnology development centre, that is an activity for the carrying out of which the corporation uses the qualified property.

For the purpose of computing the payments that a corporation referred to in the first paragraph 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 corporation is deemed to have paid to the Minister, on account of the aggregate of its tax payable for the year under this Part and of its tax payable for the 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 amount determined under the first paragraph for the year exceeds the aggregate of all amounts each of which is the portion of that amount that may reasonably be considered to be deemed to have been paid to the Minister under this paragraph in the 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. 176; 2001, c. 51, s. 152; 2001, c. 69, s. 12; 2003, c. 9, s. 229; 2005, c. 23, s. 172.