I-3 - Taxation Act

Section 1029.8.36.90 Disposition versions

2012-05-09

1029.8.36.90. (Repealed).

1999, c. 83, s. 218; 2000, c. 39, s. 264; 2001, c. 51, s. 185; 2003, c. 9, s. 325; 2012, c. 8, s. 228.

2006-03-01

1029.8.36.90. A qualified corporation that, for a particular taxation year, encloses a copy of the valid qualification certificate issued to it in respect of a qualified investment fund of the qualified corporation and dated not later than the qualified corporation’s filing-due date for the particular year, and the prescribed form containing the prescribed information with the fiscal return the qualified corporation is required to file under section 1000 for the particular year, is deemed, subject to the second and third paragraphs and section 1029.8.36.90.3, to have paid to the Minister on the qualified corporation’s balance-due day for the particular year, on account of its tax payable for the particular year under this Part, an amount equal to the lesser of

(a)  50% of the aggregate of

i.  the qualified start-up expenditure of the qualified corporation in respect of that fund for the particular year,

ii.  the deemed start-up expenditure of the qualified corporation in respect of that fund for the particular year, and

iii.  where a temporary certificate has, before the issue of the qualification certificate to the qualified corporation in respect of the qualified investment fund, been issued to the qualified corporation in respect of that fund, and the date of the qualification certificate is later than the qualified corporation’s filing-due date for the taxation year preceding the particular year, the aggregate of all amounts each of which is the qualified start-up expenditure of the qualified corporation, in respect of that fund, for a taxation year preceding the particular year; and

(b)  the amount by which $250,000 exceeds the aggregate of all amounts each of which is an amount that the qualified corporation is deemed to have paid to the Minister, under this section, in respect of that fund for a preceding taxation year.

The aggregate of all amounts each of which is an amount that a qualified corporation is deemed to have paid to the Minister under the first paragraph for a taxation year may not exceed, where the qualified corporation is a member of an associated group at the end of the year, the amount that is attributed to the corporation for the year pursuant to the agreement referred to in section 1029.8.36.90.2 or, in any other case, the amount by which $1,000,000 exceeds the aggregate of all amounts each of which is an amount deemed to have been paid to the Minister under the first paragraph

(a)  by the qualified corporation for a preceding taxation year;

(b)  where the qualified corporation is a member of an associated group in the year, by another corporation that is a member of the group, referred to in the third paragraph as the “particular corporation”, for a particular taxation year of the other corporation ending in the year or for any taxation year of the other corporation preceding that particular year; or

(c)  where the qualified corporation was a member of an associated group in a preceding taxation year, by another corporation, other than a corporation referred to in subparagraph b, that is a member of the group, referred to in the third paragraph as the “particular corporation”, for a particular taxation year of the other corporation ending in that preceding taxation year or for any taxation year of the other corporation preceding that particular taxation year.

For the purpose of computing the payments that a qualified corporation 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 qualified 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.

For the purposes of subparagraph c of the second paragraph, where the particular corporation was, in a preceding taxation year, a member of a particular associated group of which the qualified corporation was not a member, the qualified corporation is deemed to be a member of the particular associated group in that preceding taxation year.

1999, c. 83, s. 218; 2000, c. 39, s. 264; 2001, c. 51, s. 185; 2003, c. 9, s. 325.