I-3 - Taxation Act

Section 1029.8.36.116 Disposition versions

2010-04-20

1029.8.36.116. (Repealed).

1999, c. 86, s. 85; 2003, c. 9, s. 332; 2005, c. 23, s. 218; 2010, c. 5, s. 158.

2006-03-01

1029.8.36.116. A corporation operating an international financial centre in a taxation year that employs an individual as an eligible specialist in the calendar year ending in that year is deemed, subject to the second paragraph, to have paid to the Minister on the corporation’s balance-due day for that taxation year, on account of its tax payable for that year under this Part, an amount equal to 30% of the qualified wages attributed to that taxation year and paid to the individual by the corporation, if the corporation encloses, with the fiscal return the corporation is required to file for that year under section 1000, the prescribed form containing the prescribed information and a copy of the certificate issued to the corporation for all or any part of the calendar year in respect of the individual pursuant to section 22 of the Act respecting international financial centres (chapter C-8.3).

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.

1999, c. 86, s. 85; 2003, c. 9, s. 332; 2005, c. 23, s. 218.