I-3 - Taxation Act

Section 1079.7.4 Disposition versions

2013-06-05

1079.7.4. Every person who files false or misleading information with the Minister in an application under section 1079.2 or issues, sells or accepts consideration in respect of a tax shelter before the Minister has issued an identification number for the tax shelter incurs a penalty equal to the proportion determined under the second paragraph of the greater of

(a)  $500; and

(b)  25% of the greater of

i.  the aggregate of all amounts each of which is the consideration received or receivable from a person in respect of the tax shelter before the correct information is filed with the Minister or the identification number is issued, as the case may be, and

ii.  the aggregate of all amounts each of which is an amount stated or represented to be the value of property that a particular person who acquires or otherwise invests in the tax shelter could donate to a qualified donee, if the tax shelter is a gifting arrangement and consideration has been received or is receivable from the particular person in respect of the tax shelter before the correct information is filed with the Minister or the identification number is issued, as the case may be.

The proportion to which the first paragraph refers is the proportion that the amount of the aggregate of all amounts each of which is a consideration received or receivable from an individual who, before the time referred to in subparagraph b of the first paragraph, acquired or otherwise invested in the tax shelter referred to in that subparagraph b and who was resident in Québec at the time of the acquisition or investment is of the aggregate of all amounts each of which is a consideration received or receivable from a person who, before the time referred to in that subparagraph b, acquired or otherwise invested in the tax shelter.

2000, c. 5, s. 284; 2013, c. 10, s. 146.

2006-03-01

1079.7.4. Every person who files false or misleading information with the Minister in an application under section 1079.2 or issues, sells or accepts consideration in respect of a tax shelter before the Minister has issued an identification number for the tax shelter incurs a penalty equal to the proportion determined under the second paragraph of the greater of

(a)  $500; and

(b)  25% of the aggregate of all amounts each of which is the consideration received or receivable from a person in respect of the tax shelter before the correct information is filed with the Minister or the identification number is issued, as the case may be.

The proportion to which the first paragraph refers is the proportion that the amount of the aggregate of all amounts each of which is a consideration received or receivable from an individual who, before the time referred to in subparagraph b of the first paragraph, acquired or otherwise invested in the tax shelter referred to in that subparagraph b and who was resident in Québec at the time of the acquisition or investment is of the aggregate of all amounts each of which is a consideration received or receivable from a person who, before the time referred to in that subparagraph b, acquired or otherwise invested in the tax shelter.

2000, c. 5, s. 284.