I-3 - Taxation Act

Section 1029.8.36.166.60.9 Disposition versions

2015-10-21

1029.8.36.166.60.9. A qualified corporation for a taxation year that is a member of a qualified partnership at the end of a particular fiscal period of the qualified partnership that ends in the year and that encloses the documents referred to in the sixth paragraph with the fiscal return it is required to file for the year under section 1000, is deemed, subject to the fourth paragraph and section 1029.8.36.166.60.11, to have paid to the Minister on the qualified corporation’s balance-due day for the year, on account of its tax payable for the year under this Part, an amount equal to the aggregate of all amounts each of which is equal to the product obtained by multiplying the corporation’s share of the qualified expenditure of such a qualified partnership, in respect of a qualified building, for such a particular fiscal period by the rate determined in relation to its share of the qualified expenditure under section 1029.8.36.166.60.10.

For the purposes of the first paragraph, the aggregate of all amounts each of which is the amount of a qualified partnership’s qualified expenditure, in respect of a qualified building, for a fiscal period may not exceed the balance of the partnership’s cumulative limit for that fiscal period.

The aggregate of all amounts each of which is a corporation’s share of a qualified partnership’s qualified expenditure, in respect of a qualified building, for a fiscal period of the partnership that ends in a taxation year of the corporation may not exceed the amount that is the amount by which the balance of the corporation’s cumulative limit for the taxation year exceeds the aggregate of all amounts each of which is the corporation’s qualified expenditure, in respect of a qualified building, for the year in respect of which the corporation is deemed to have paid an amount to the Minister for the year under section 1029.8.36.166.60.8.

For the purpose of computing the payments that a corporation is required to make under subparagraph a of the first paragraph of section 1027 or any of sections 1159.7, 1175 and 1175.19 where those sections 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 its tax payable for the year under Parts 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.

Despite the definition of “qualified expenditure” in the first paragraph of section 1029.8.36.166.60.1 and for the purpose of applying this section to a qualified corporation referred to in the first paragraph, the qualified expenditure for a particular fiscal period, in respect of a qualified building, of a qualified partnership of which the corporation is a member does not include

(a)  the expenditure of a capital nature that would otherwise be included in the qualified expenditure because of subparagraph ii of paragraph b of the definition of “expenditure of a capital nature” in the first paragraph of section 1029.8.36.166.60.1 and that is incurred in a fiscal period of the partnership preceding the particular fiscal period and ends in a taxation year for which the corporation was not a qualified corporation; or

(b)  the expenditure of a capital nature that would otherwise be included in the qualified expenditure because of subparagraph iii of paragraph b of the definition of “expenditure of a capital nature” in the first paragraph of section 1029.8.36.166.60.1 and that is incurred in a fiscal period of the partnership that ends in a taxation year for which the corporation was not a qualified corporation.

The documents to which the first paragraph refers are the following:

(a)  the prescribed form containing prescribed information; and

(b)  a copy of the agreement described in section 1029.8.36.166.60.2, if applicable.

For the purposes of this section, the share of a member of a partnership of an amount for a fiscal period is equal to the agreed proportion of the amount in respect of the member for that fiscal period.

2015, c. 21, s. 466.