I-3 - Taxation Act

Section 1029.8.36.0.95 Disposition versions

2019-06-19

1029.8.36.0.95. A corporation that, for a taxation year, is a qualified corporation and that encloses the documents referred to in the third paragraph with the fiscal return the corporation is required to file under section 1000 for the taxation year is deemed, subject to the fourth paragraph, to have paid to the Minister on the corporation’s balance-due day for the taxation year, on account of its tax payable for the taxation year under this Part, an amount equal to the amount by which the amount determined under section 1029.8.36.0.99 is exceeded by the aggregate of all amounts each of which is an amount determined, for a particular month of the taxation year, by the formula

A × $0.03

In the formula in the first paragraph, A, expressed as a number of litres, is the lesser of

(a)  the qualified corporation’s eligible production of ethanol for the particular month; and

(b)  the qualified corporation’s monthly ceiling on the production of ethanol for the particular month.

The documents to which the first paragraph refers are the following:

(a)  the prescribed form containing the prescribed information;

(b)  a copy of a report specifying, in respect of each month of the taxation year, the qualified corporation’s eligible production of ethanol; and

(c)  if applicable, a copy of the agreement described in section 1029.8.36.0.96.

For the purpose of computing the payments that a qualified corporation is required to make under subparagraph a of the first paragraph of section 1027, or any of sections 1145, 1159.7, 1175 and 1175.19 if they refer to that subparagraph a, that corporation is deemed to have paid to the Minister, on account of the aggregate of its tax payable for the taxation year under this Part and of its tax payable for the taxation year under Parts IV, IV.1, VI and VI.1, on the date on or before which each payment is required to be made, an amount equal to the lesser of

(a)  the amount by which the amount determined under the first paragraph for the year exceeds the aggregate of all amounts each of which is the portion of that amount that may reasonably be considered to be deemed to have been paid to the Minister under this paragraph in the taxation year but before that date; and

(b)  the amount by which the amount of that payment, determined without reference to this chapter, exceeds the aggregate of all amounts each of which is an amount that is deemed, under this chapter but otherwise than under the first paragraph, to have been paid to the Minister on that date, for the purpose of computing that payment.

2006, c. 36, s. 147; 2011, c. 34, s. 81; 2019, c. 14, s. 334.

2011-12-09

1029.8.36.0.95. A corporation that, for a taxation year included in whole or in part in the corporation’s eligibility period, is a qualified corporation and that encloses the documents referred to in the third paragraph with the fiscal return the corporation is required to file under section 1000 for the taxation year is deemed, subject to the fourth paragraph, to have paid to the Minister on the corporation’s balance-due day for the taxation year, on account of its tax payable for the taxation year under this Part, an amount equal to the amount by which the amount determined under section 1029.8.36.0.99 is exceeded by the aggregate of all amounts each of which is an amount determined, for a particular month of the taxation year, by the formula

A × [$0.185 - ($0.0082 × B + $0.004 × C)].

In the formula in the first paragraph,

(a)  A, expressed as a number of litres, is the lesser of

i.  the qualified corporation’s eligible production of ethanol, for the particular month, and

ii.  the qualified corporation’s monthly ceiling on the production of ethanol for the particular month;

iii.  (subparagraph repealed);

(b)  B is

i.  if the average monthly price of crude oil in respect of the particular month is greater than US$31, the number that represents the amount by which the average monthly price of crude oil, up to US$43, exceeds US$31, and

ii.  in any other case, zero; and

(c)  C is

i.  if the average monthly price of crude oil in respect of the particular month is greater than US$43, the number that represents the amount by which the average monthly price of crude oil, up to US$65, exceeds US$43, and

ii.  in any other case, zero.

The documents to which the first paragraph refers are the following:

(a)  the prescribed form containing the prescribed information;

(b)  a copy of a report specifying, in respect of each month of the taxation year, the qualified corporation’s eligible production of ethanol and the average monthly price of crude oil; and

(c)  if applicable, a copy of the agreement described in section 1029.8.36.0.96.

For the purpose of computing the payments that a qualified corporation is required to make under subparagraph a of the first paragraph of section 1027, or any of sections 1145, 1159.7, 1175 and 1175.19 if they refer to that subparagraph a, that corporation is deemed to have paid to the Minister, on account of the aggregate of its tax payable for the taxation year under this Part and of its tax payable for the taxation year under Parts IV, IV.1, VI and VI.1, on the date on or before which each payment is required to be made, an amount equal to the lesser of

(a)  the amount by which the amount determined under the first paragraph for the year exceeds the aggregate of all amounts each of which is the portion of that amount that may reasonably be considered to be deemed to have been paid to the Minister under this paragraph in the taxation year but before that date; and

(b)  the amount by which the amount of that payment, determined without reference to this chapter, exceeds the aggregate of all amounts each of which is an amount that is deemed, under this chapter but otherwise than under the first paragraph, to have been paid to the Minister on that date, for the purpose of computing that payment.

2006, c. 36, s. 147; 2011, c. 34, s. 81.

2006-12-06

1029.8.36.0.95. A corporation that, for a taxation year included in whole or in part in the corporation’s eligibility period, is a qualified corporation and that encloses the documents referred to in the third paragraph with the fiscal return the corporation is required to file under section 1000 for the taxation year is deemed, subject to the fourth paragraph, to have paid to the Minister on the corporation’s balance-due day for the taxation year, on account of its tax payable for the taxation year under this Part, an amount equal to the amount by which the amount determined under section 1029.8.36.0.99 is exceeded by the lesser of

(a)  the aggregate of all amounts each of which is an amount determined, for a particular month of the taxation year, by the formula

A × [$0.185 − ($0.0082 × B + $0.004 × C)]; and

(b)  the balance of the qualified corporation’s cumulative credit limit, for the taxation year.

In the formula in subparagraph a of the first paragraph,

(a)  A, expressed as a number of litres, is the least of

i.  the qualified corporation’s eligible production of ethanol, for the particular month,

ii.  the amount by which the qualified corporation’s annual ceiling on the production of ethanol, for the taxation year, exceeds its eligible production of ethanol for the part of the taxation year that precedes the particular month, and

(iii)  the amount by which the balance of the qualified corporation’s cumulative ceiling on the production of ethanol, for the taxation year, exceeds its eligible production of ethanol for the part of the taxation year that precedes the particular month;

(b)  B is

i.  if the average monthly price of crude oil in respect of the particular month is greater than US$31, the number that represents the amount by which the average monthly price of crude oil, up to US$43, exceeds US$31, and

ii.  in any other case, zero; and

(c)  C is

i.  if the average monthly price of crude oil in respect of the particular month is greater than US$43, the number that represents the amount by which the average monthly price of crude oil, up to US$65, exceeds US$43, and

ii.  in any other case, zero.

The documents to which the first paragraph refers are the following:

(a)  the prescribed form containing the prescribed information;

(b)  a copy of a report specifying, in respect of each month of the taxation year, the qualified corporation’s eligible production of ethanol and the average monthly price of crude oil; and

(c)  where applicable, a copy of the agreements described in sections 1029.8.36.0.96 to 1029.8.36.0.98.

For the purpose of computing the payments that a qualified corporation is required to make under subparagraph a of the first paragraph of section 1027, or any of sections 1145, 1159.7, 1175 and 1175.19 if they refer to that subparagraph a, that corporation is deemed to have paid to the Minister, on account of the aggregate of its tax payable for the taxation year under this Part and of its tax payable for the taxation year under Parts IV, IV.1, VI and VI.1, on the date on or before which each payment is required to be made, an amount equal to the lesser of

(a)  the amount by which the amount determined under the first paragraph for the year exceeds the aggregate of all amounts each of which is the portion of that amount that may reasonably be considered to be deemed to have been paid to the Minister under this paragraph in the taxation year but before that date; and

(b)  the amount by which the amount of that payment, determined without reference to this chapter, exceeds the aggregate of all amounts each of which is an amount that is deemed, under this chapter but otherwise than under the first paragraph, to have been paid to the Minister on that date, for the purpose of computing that payment.

2006, c. 36, s. 147.