I-3 - Taxation Act

Section 1129.41.3.1 Disposition versions

2006-03-01

1129.41.3.1. Every taxpayer who, in relation to a qualified expenditure referred to in subparagraph d of the third paragraph of section 1029.8.33.13, is deemed to have paid an amount to the Minister, under that section, on account of the taxpayer’s tax payable under Part I for a particular taxation year shall, where, on or before the day that is 12 months after the taxpayer’s filing-due date for that particular year, part or all of the aggregate of the indemnities pertaining to the annual leave which constitutes the qualified expenditure has not been paid to the employees, pay, for the taxation year in which the 12-month period following the taxpayer’s filing-due date for the particular taxation year ends, a tax equal to

(a)  where a percentage was applied for the particular year to reduce the qualified expenditure under section 1029.8.33.13, the product obtained by multiplying the aggregate of part or all of the indemnities that have not been paid and the amount payable under the provisions mentioned in subparagraphs i and iii to v of paragraph a of the definition of “qualified expenditure” in section 1029.8.33.12 in relation to the indemnities, by that percentage; and

(b)  in any other case, the aggregate described in paragraph a.

2000, c. 39, s. 241; 2004, c. 21, s. 472; 2005, c. 38, s. 310.