I-3 - Taxation Act

Section 1031.1 Disposition versions

2011-04-01

1031.1. Notwithstanding any other provision of a fiscal law, where a day determined under any of subparagraphs a to c of the first paragraph of section 653 in respect of a trust occurs in a taxation year of the trust and the trust is required to pay tax under this Part for that year the amount of which exceeds the amount that, but for those subparagraphs, would otherwise be payable, the trust may, if it so elects in prescribed manner and within the time prescribed and furnishes to the Minister security acceptable to the Minister for payment of any tax the payment of which is deferred by the election, pay all or any portion of such excess in such number, not exceeding ten, of equal consecutive annual instalments as is specified in its election.

The first instalment shall be paid on or before the day on which payment of the tax would, but for the election, have been required to be made and each subsequent instalment shall be paid on or before the anniversary of that day.

Interest at the rate fixed under section 28 of the Tax Administration Act (chapter A-6.002) shall be paid on every tax instalment so made, from the date on which payment of the tax would, but for the election, have been required to be made to the day of payment.

1994, c. 22, s. 324; 1995, c. 1, s. 165; 2010, c. 31, s. 175.

2006-03-01

1031.1. Notwithstanding any other provision of a fiscal law, where a day determined under any of subparagraphs a to c of the first paragraph of section 653 in respect of a trust occurs in a taxation year of the trust and the trust is required to pay tax under this Part for that year the amount of which exceeds the amount that, but for those subparagraphs, would otherwise be payable, the trust may, if it so elects in prescribed manner and within the time prescribed and furnishes to the Minister security acceptable to the Minister for payment of any tax the payment of which is deferred by the election, pay all or any portion of such excess in such number, not exceeding ten, of equal consecutive annual instalments as is specified in its election.

The first instalment shall be paid on or before the day on which payment of the tax would, but for the election, have been required to be made and each subsequent instalment shall be paid on or before the anniversary of that day.

Interest at the rate fixed under section 28 of the Act respecting the Ministère du Revenu (chapter M-31) shall be paid on every tax instalment so made, from the date on which payment of the tax would, but for the election, have been required to be made to the day of payment.

1994, c. 22, s. 324; 1995, c. 1, s. 165.