I-3 - Taxation Act

Section 1027.0.3 Disposition versions

2009-06-04

1027.0.3. If payments that a corporation is required to make under section 1027 in a taxation year were made in accordance with subparagraph iii of subparagraph a of the first paragraph of that section and the corporation ceases, at a particular time in the taxation year, to be able to avail itself of that subparagraph iii, the following rules apply for the purpose of determining the amounts that the corporation is required to pay to the Minister under section 1027 for the part of the year that follows the particular time:

(a)  subparagraph iii of subparagraph a of the first paragraph of section 1027 is to be read as follows:

“iii. on or before the last day of each month in the current taxation year, the amount determined by the formula

(A - B)/C;”; and

(b)  section 1027 is to be read as if the following paragraph was added after the second paragraph:

“In the formula in subparagraph iii of subparagraph a of the first paragraph,

(a) A is the corporation’s tax for the taxation year estimated in accordance with section 1004 or the corporation’s first basic provisional account referred to in subparagraph i of subparagraph a of the first paragraph;

(b) B is the aggregate of the payments that the corporation was required to make in the taxation year and before the particular time referred to in section 1027.0.3, in accordance with subparagraph iii of subparagraph a of the first paragraph; and

(c) C is the number of months in the taxation year that end after the particular time referred to in section 1027.0.3.”

2009, c. 15, s. 191.