I-3 - Taxation Act

Section 1129.45.41.2 Disposition versions

2006-03-01

1129.45.41.2. Every corporation that is deemed to have paid an amount to the Minister, under section 1029.8.36.166.9, on account of its tax payable under Part I shall pay the tax referred to in the second paragraph for a taxation year, in this section referred to as the “repayment year”, in which an amount relating to expenses or professional fees that were included in computing the expenditure in respect of administrative costs of the corporation for a taxation year is, directly or indirectly, refunded or otherwise paid to the corporation or allocated to a payment to be made by the corporation.

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 1029.8.36.166.9 or 1029.8.36.166.26, exceeds the total of

(a)  the aggregate of all amounts each of which is an amount that the corporation would be deemed to have paid to the Minister under any of those sections, if every amount that is, at or before the end of the repayment year, so refunded, paid or allocated, in relation to the expenses or professional fees that were included in computing the expenditure in respect of administrative costs of the corporation for a taxation year, were refunded, paid or allocated in the taxation year; and

(b)  the aggregate of all amounts each of which is a tax that the corporation is required to pay to the Minister under this section for a taxation year preceding the repayment year.

However, no tax is payable under this section if section 1129.45.41.6 applies, for the repayment year or a preceding taxation year, in respect of the expenditure in respect of administrative costs of the corporation for a taxation year.

2003, c. 9, s. 413.