I-3 - Taxation Act

Section 771.5.1 Disposition versions

2006-03-01

771.5.1. For the purposes of paragraph d of section 771.5, a return that has not been filed by the corporation within the time prescribed therefor is deemed to have been filed within that time if the return is filed, in prescribed form and along with a payment by the corporation of the penalty determined under the second paragraph, on or before the corporation’s filing-due date for its taxation year in which the five-year period following the beginning of its first taxation year ends.

(a)  in the case of a corporation whose first taxation year begins after 25 March 1997, for its taxation year in which the five-year period following the beginning of its first taxation year ends; and

(b)  in any other case, for its third taxation year.

For the purposes of the first paragraph, the penalty that a corporation is required to pay with respect to the return contemplated therein is equal to the lesser of $600 and the product obtained by multiplying $50 by the number of months included, in whole or in part, in the period beginning on the day on which the time prescribed in paragraph d of section 771.5 expires and ending on the day on which the return is actually filed.

1990, c. 7, s. 70; 1997, c. 3, s. 71; 1997, c. 31, s. 84; 1997, c. 85, s. 160; 2000, c. 39, s. 83.