I-3 - Taxation Act

Section 1029.8.36.96 Disposition versions

2012-05-09

1029.8.36.96. (Repealed).

1999, c. 83, s. 218; 2002, c. 9, s. 105; 2003, c. 9, s. 326; 2005, c. 23, s. 216; 2012, c. 8, s. 228.

2006-03-01

1029.8.36.96. A corporation that, in a taxation year, employs an individual as an eligible fund manager 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 the corporation’s tax payable for that taxation year under this Part, an amount equal to 30% of the qualified wages that the corporation pays for the year to the individual, if the corporation encloses with the fiscal return the corporation is required to file under section 1000 for the year

(a)  the prescribed form containing the prescribed information;

(b)  a copy of the qualification certificate issued to the corporation in respect of the individual; and

(c)  a copy of the certificate referred to in the definition of “eligible fund manager” in the first paragraph of section 1029.8.36.95 that was issued to the corporation for the year in respect of the individual.

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. 83, s. 218; 2002, c. 9, s. 105; 2003, c. 9, s. 326; 2005, c. 23, s. 216.