I-3 - Taxation Act

Section 1029.8.36.166.70 Disposition versions

2015-10-21

1029.8.36.166.70. A qualified corporation that holds, for a taxation year, a valid certificate issued by the Minister of Finance for the purposes of this division and that encloses with the fiscal return it is required to file for the year under section 1000 a copy of the certificate as well as the documents described in the third paragraph is deemed, subject to the second paragraph, to have paid to the Minister on the corporation’s balance-due day for that year, on account of its tax payable for that year under this Part, an amount equal to 32% of the lesser of

(a)  the corporation’s qualified expenditure for the year, to the extent that it is paid; and

(b)  the corporation’s qualified expenditure limit for the year.

For the purpose of computing the payments that a corporation is required to make under subparagraph a of the first paragraph of section 1027, or any of sections 1159.7, 1175 and 1175.19 if they refer to that subparagraph a, the corporation is deemed to have paid to the Minister, on account of the aggregate of its tax payable for the year under this Part and of its tax payable for the year under Parts 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 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.

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

(a)  the prescribed form containing prescribed information; and

(b)  a copy of the following documents:

i.  the qualification certificate issued to the corporation by the Minister of Finance for the purposes of this division, and

ii.  the agreement referred to in section 1029.8.36.166.72, if applicable.

2013, c. 10, s. 123; 2015, c. 21, s. 469.

2013-06-05

1029.8.36.166.70. A qualified corporation that holds, for a taxation year, a valid certificate issued by the Minister of Finance for the purposes of this division and that encloses with the fiscal return it is required to file for the year under section 1000 a copy of the certificate as well as the documents described in the third paragraph is deemed, subject to the second paragraph, to have paid to the Minister on the corporation’s balance-due day for that year, on account of its tax payable for that year under this Part, an amount equal to 40% of the lesser of

(a)  the corporation’s qualified expenditure for the year, to the extent that it is paid; and

(b)  the corporation’s qualified expenditure limit for the year.

For the purpose of computing the payments that a corporation is required to make under subparagraph a of the first paragraph of section 1027, or any of sections 1159.7, 1175 and 1175.19 if they refer to that subparagraph a, the corporation is deemed to have paid to the Minister, on account of the aggregate of its tax payable for the year under this Part and of its tax payable for the year under Parts 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 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.

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

(a)  the prescribed form containing prescribed information; and

(b)  a copy of the following documents:

i.  the qualification certificate issued to the corporation by the Minister of Finance for the purposes of this division, and

ii.  the agreement referred to in section 1029.8.36.166.72, if applicable.

2013, c. 10, s. 123.