I-3 - Taxation Act

Section 815.1 Disposition versions

2006-03-01

815.1. Where a member institution has in a taxation year repaid an amount to a deposit insurance corporation on account of an amount that was included by virtue of subparagraph a or b of the first paragraph of section 814 in computing its income for a preceding taxation year, where the member institution has filed its fiscal return required by section 1000 for the preceding year, and where, on or before the member institution’s filing-due date for the taxation year, it has filed an amended fiscal return for the preceding year excluding from its income for that year the amount repaid, the amount repaid shall be excluded from the amount otherwise included by virtue of subparagraph a or b of the first paragraph of section 814 in computing the member institution’s income for the preceding year and the Minister shall make such reassessment of the tax, interest and penalties payable by the member institution for preceding taxation years as is necessary to give effect to the exclusion.

1989, c. 77, s. 94; 1997, c. 3, s. 71; 1997, c. 31, s. 86.