I-3 - Taxation Act

Section 1029.8.36.59.44 Disposition versions

2015-10-21

1029.8.36.59.44. A qualified corporation for a taxation year that encloses the prescribed form containing prescribed information with the fiscal return it is required to file for the year under section 1000 is deemed, subject to the second and third paragraphs, 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

(a)  if the taxation year ends in the calendar year 2013, the proportion of 7.5% of its qualified expenditure that the number of days in the taxation year that follow 31 December 2012 during which it carried on damage insurance activities in Québec is of 365;

(b)  if the taxation year ends in the calendar year 2014, the aggregate of

i.  the proportion of 7.5% of its qualified expenditure that the number of days in the taxation year that follow 31 December 2012 and that precede 1 January 2014 during which it carried on damage insurance activities in Québec is of 365; and

ii.  the proportion of 5% of its qualified expenditure that the number of days in the taxation year that follow 31 December 2013 during which it carried on damage insurance activities in Québec is of 365;

(c)  if the taxation year ends in the calendar year 2015, the aggregate of

i.  the proportion of 7.5% of its qualified expenditure that the number of days in the taxation year that precede 1 January 2014 during which it carried on damage insurance activities in Québec is of 365;

ii.  the proportion of 5% of its qualified expenditure that the number of days in the taxation year that follow 31 December 2013 and that precede 1 January 2015 during which it carried on damage insurance activities in Québec is of 365, and

iii.  the proportion of 2.5% of its qualified expenditure that the number of days in the taxation year that follow 31 December 2014 during which it carried on damage insurance activities in Québec is of 365; or

(d)  if the taxation year ends after 31 December 2015, the aggregate of

i.  the proportion of 5% of its qualified expenditure that the number of days in the taxation year that precede 1 January 2015 during which it carried on damage insurance activities in Québec is of 365, and

ii.  the proportion of 2.5% of its qualified expenditure that the number of days in the taxation year that follow 31 December 2014 and that precede 1 January 2016 during which it carried on damage insurance activities in Québec is of 365.

If the corporation is a qualified corporation for the year under subparagraph ii of paragraph a of the definition of “qualified corporation” in section 1029.8.36.59.42, whichever of subparagraphs a to d of the first paragraph applies to the corporation for the year is to be read as if “during which it carried on damage insurance activities in Québec”, wherever it appears, were replaced by “during which it carried on damage insurance activities in Québec and the election referred to in subparagraph e of the first paragraph of section 1159.3, enacted by subparagraph d of the first paragraph of section 1159.3.2, is not in effect,”.

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 under section 1159.7 if it refers 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 Part IV.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.

2015, c. 21, s. 454.