I-3 - Taxation Act

Section 1031 Disposition versions

2015-12-04

1031. (Repealed).

1973, c. 17, s. 117; 1974, c. 18, s. 33; 1995, c. 1, s. 164; 1995, c. 49, s. 229; 1997, c. 31, s. 120; 2010, c. 31, s. 175; 2015, c. 36, s. 147.

2011-04-01

1031. Notwithstanding any other provision of a fiscal law and subject to the second paragraph, an individual to whom section 785.2 applies who must pay for a taxation year tax exceeding that which would be payable in the absence of the said section may, if he furnishes to the Minister security acceptable to the Minister, elect, in prescribed form on or before the individual’s balance-due day for the taxation year in which the individual ceased to be resident in Canada, to pay all or any portion of such excess in equal annual instalments as specified in the election by the individual.

For the purposes of the first paragraph,

(a)  the number of equal annual instalments provided in the election is deemed to be the lesser of 6 and such other number as is specified in the election by the individual;

(b)  the first instalment shall be paid on or before the individual’s balance-due day for the taxation year in which he ceased to be resident in Canada, and each subsequent instalment shall be paid on or before the anniversary of that day in the years following that year.

Interest at the rate fixed under section 28 of the Tax Administration Act (chapter A-6.002) must be paid on every tax instalment so made, from the date on which the tax would otherwise be payable to the day of payment.

1973, c. 17, s. 117; 1974, c. 18, s. 33; 1995, c. 1, s. 164; 1995, c. 49, s. 229; 1997, c. 31, s. 120; 2010, c. 31, s. 175.

2006-03-01

1031. Notwithstanding any other provision of a fiscal law and subject to the second paragraph, an individual to whom section 785.2 applies who must pay for a taxation year tax exceeding that which would be payable in the absence of the said section may, if he furnishes to the Minister security acceptable to the Minister, elect, in prescribed form on or before the individual’s balance-due day for the taxation year in which the individual ceased to be resident in Canada, to pay all or any portion of such excess in equal annual instalments as specified in the election by the individual.

For the purposes of the first paragraph,

(a)  the number of equal annual instalments provided in the election is deemed to be the lesser of 6 and such other number as is specified in the election by the individual;

(b)  the first instalment shall be paid on or before the individual’s balance-due day for the taxation year in which he ceased to be resident in Canada, and each subsequent instalment shall be paid on or before the anniversary of that day in the years following that year.

Interest at the rate fixed under section 28 of the Act respecting the Ministère du Revenu (chapter M-31) must be paid on every tax instalment so made, from the date on which the tax would otherwise be payable to the day of payment.

1973, c. 17, s. 117; 1974, c. 18, s. 33; 1995, c. 1, s. 164; 1995, c. 49, s. 229; 1997, c. 31, s. 120.