I-3 - Taxation Act

Section 1029.8.36.166.60.15 Disposition versions

2015-10-21

1029.8.36.166.60.15. If, before 1 January 2020, a partnership pays, in a fiscal period (in this section referred to as the “fiscal period of repayment”), pursuant to a legal obligation, an amount that may reasonably be considered to be a repayment of government assistance or non-government assistance that reduced, because of subparagraph i of subparagraph b of the first paragraph of section 1029.8.36.166.60.13, a corporation’s share of the qualified expenditure of the partnership in respect of a qualified building for a particular fiscal period, for the purpose of computing the amount that the corporation is deemed to have paid to the Minister under section 1029.8.36.166.60.9, in respect of the share, for its taxation year in which the particular fiscal period ended, the corporation is deemed to have paid to the Minister on the corporation’s balance-due day for its taxation year in which the fiscal period of repayment ends, on account of its tax payable for that year under this Part, if the corporation is a member of the partnership at the end of the fiscal period of repayment and it encloses the prescribed form containing prescribed information with the fiscal return it is required to file for the year under section 1000, an amount equal to the amount by which the aggregate of all amounts each of which is a particular amount that the corporation would be deemed, if the assumptions set out in the second paragraph were taken into account, to have paid to the Minister, in respect of the share, under section 1029.8.36.166.60.9 for its taxation year in which the particular fiscal period ends, exceeds the aggregate of

(a)  the aggregate of all amounts each of which is an amount that the corporation would be deemed to have paid to the Minister, in respect of the qualified expenditure of the partnership in respect of the qualified building, under section 1029.8.36.166.60.9 for its taxation year in which the particular fiscal period ends, if the agreed proportion in respect of the corporation for the particular fiscal period were the same as that for the fiscal period of repayment; and

(b)  any amount that the corporation would be deemed to have paid to the Minister under this section for a taxation year preceding the taxation year in which the fiscal period of repayment ends, in respect of an amount of that assistance repaid by the partnership, if the agreed proportion in respect of the corporation for the particular fiscal period were the same as that for the fiscal period of repayment.

The particular amount to which the first paragraph refers is to be computed as if

(a)  the lesser of the corporation’s share of any amount of assistance repaid at or before the end of the fiscal period of repayment and the balance of the corporation’s cumulative limit for its taxation year in which the fiscal period of repayment ended reduced, for the particular fiscal period, the corporation’s share of the amount of any government assistance or non-government assistance referred to in subparagraph i of subparagraph b of the first paragraph of section 1029.8.36.166.60.13; and

(b)  the agreed proportion in respect of the corporation for the particular fiscal period were the same as that for the fiscal period of repayment.

The amount determined in accordance with subparagraph a of the second paragraph is deemed, for the purpose of determining, other than for the purposes of this section, the balance of the corporation’s cumulative limit for the taxation year in which the fiscal period of repayment ends and a subsequent taxation year, to be the corporation’s share of a qualified expenditure of the partnership in respect of a qualified building, for a fiscal period of the partnership that ends in a taxation year of the corporation preceding the taxation year in which the fiscal period of repayment ends.

For the purposes of subparagraph a of the second paragraph, the corporation’s share for the partnership’s fiscal period of any amount of assistance repaid is equal to the agreed proportion of the amount in respect of the corporation for the fiscal period.

2015, c. 21, s. 466.