I-3 - Taxation Act

Section 1129.45.3.39.10 Disposition versions

2023-04-01

1129.45.3.39.10. Every corporation that is deemed to have paid an amount to the Minister, under section 1029.8.36.0.106.17, on account of its tax payable under Part I, for a particular taxation year, in relation to its eligible production of biofuel for a particular month of that taxation year, shall pay the tax computed under the second paragraph for a subsequent taxation year (in this section referred to as the “year concerned”) in which either of the following events occurs:

(a)  an amount that may reasonably be considered to be an amount relating to its eligible production of biofuel for a particular month of the particular taxation year that, because of paragraph a of section 1029.8.36.0.106.21, would have been included in the aggregate determined in its respect for the particular taxation year under that section if it had been received by the corporation in that taxation year, is received by the corporation; or

(b)  an amount that may reasonably be considered to be an amount relating to its eligible production of biofuel for a particular month of the particular taxation year that, because of paragraph b of section 1029.8.36.0.106.21, would have been included in the aggregate determined in its respect for the particular taxation year under that section if it had been obtained by a person or partnership in that taxation year, is obtained by the person or partnership.

The tax to which the first paragraph refers is equal to the amount by which the aggregate of all amounts each of which is an amount that the corporation is deemed to have paid to the Minister under section 1029.8.36.0.106.17 or 1029.8.36.0.106.22 for a taxation year preceding the year concerned in relation to its eligible production of biofuel for a particular month of the particular taxation year, exceeds the total of

(a)  the amount that the corporation would be deemed to have paid to the Minister for the particular taxation year under section 1029.8.36.0.106.17 if any of the events described in the first paragraph or in subparagraph a or b of the first paragraph of section 1029.8.36.0.106.22, that occurred in the year concerned or a preceding taxation year in relation to its eligible production of biofuel for a particular month of the particular taxation year, occurred in the particular taxation year; and

(b)  the aggregate of all amounts each of which is an amount that the corporation is required to pay to the Minister under this section for a taxation year preceding the year concerned in relation to its eligible production of biofuel for a particular month of the particular taxation year.

2023, c. 2, s. 69.