I-3 - Taxation Act

Section 997.1 Disposition versions

2006-03-01

997.1. Every person who is exempt from tax under this Part because of paragraph a of section 995 or section 996 shall, within six months after the end of each fiscal period of the person and without notice or demand therefor, file with the Minister an information return for the period in prescribed form and containing prescribed information, if

(a)  the aggregate of all amounts each of which is a taxable dividend or an amount received or receivable by the person as, on account of, in lieu of or in satisfaction of, interest, rentals or royalties in the period exceeds $10,000;

(b)  at the end of the person’s preceding fiscal period the total assets of the person, determined in accordance with generally accepted accounting principles, exceeded $200,000; or

(c)  an information return was required to be filed under this section by the person for a preceding fiscal period.

1994, c. 22, s. 310.