I-3 - Taxation Act

Section 1129.4.30 Disposition versions

2007-11-07

1129.4.30. Every corporation that is deemed to have paid an amount to the Minister, under section 1029.8.36.0.85, on account of its tax payable for a taxation year under Part I, in relation to the eligible expenses incurred in the taxation year in respect of a strategic building, shall pay the tax referred to in the second paragraph for a taxation year of its filing period, in this section referred to as the “particular year”, in respect of which the corporation fails to file the qualification certificate relating to the strategic building with the Minister as required by section 1029.8.36.0.87, for the particular year.

The tax to which the first paragraph refers is equal to,

(a)  where the particular year is one of the first five taxation years of the corporation’s filing period, 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 1029.8.36.0.85 or 1029.8.36.0.89, in relation to the eligible expenses, exceeds the aggregate of all amounts each of which is a tax that the corporation is required to pay to the Minister under section 1129.4.29 for the particular year or for a preceding taxation year, in relation to the eligible expenses; or

(b)  where the particular year is one of the last four years of the corporation’s filing period, the amount determined by the formula

A × [(10 − B) × 20] / 100.

In the formula provided for in subparagraph b of the second paragraph,

(a)  A is the amount that would be determined under subparagraph a of the second paragraph, if that subparagraph applied to the particular year; and

(b)  B is the number of taxation years, including the particular year, following the taxation year that includes the completion date of the work.

However, no tax is payable under this section if the section applied in respect of the strategic building for a taxation year preceding the particular year or if section 1129.4.30.1 applies in respect of the building for the particular year or for a preceding taxation year.

2002, c. 9, s. 124; 2002, c. 40, s. 268; 2004, c. 21, s. 462; 2007, c. 12, s. 250.

2006-03-01

1129.4.30. Every corporation that is deemed to have paid an amount to the Minister, under section 1029.8.36.0.85, on account of its tax payable for a taxation year under Part I, in relation to the eligible expenses incurred in the particular year in respect of a strategic building, shall pay the tax referred to in the second paragraph for a taxation year of its filing period, in this section referred to as the "particular year", in respect of which the corporation is in default by reason of either of the following situations:

(a)  the corporation fails to file the qualification certificate relating to the strategic building with the Minister as required by section 1029.8.36.0.87, for the particular year; or

(b)  the corporation disposes of the strategic building in the particular year.

The tax to which the first paragraph refers is equal to,

(a)  where the particular year is one of the first five taxation years of the corporation’s filing period, 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 1029.8.36.0.85 or 1029.8.36.0.89, in relation to the eligible expenses, exceeds the aggregate of all amounts each of which is a tax that the corporation is required to pay to the Minister under section 1129.4.29 for the particular year or for a preceding taxation year, in relation to the eligible expenses; or

(b)  where the particular year is one of the last four years of the corporation’s filing period, the amount determined by the formula

A × [(10 − B) × 20] / 100.

In the formula provided for in subparagraph b of the second paragraph,

(a)  A is the amount that would be determined under subparagraph a of the second paragraph, if that subparagraph applied to the particular year; and

(b)  B is the number of taxation years, including the particular year, following the taxation year that includes the completion date of the work.

However, no tax is payable under this section if the section applied in respect of the strategic building for a taxation year preceding the particular year or if section 1129.4.30.1 applies in respect of the building for the particular year or for a preceding taxation year.

2002, c. 9, s. 124; 2002, c. 40, s. 268; 2004, c. 21, s. 462.