I-3 - Taxation Act

Section 1129.0.7 Disposition versions

2009-06-04

1129.0.7. Every taxpayer who is a member of a partnership and who is deemed to have paid an amount to the Minister, under section 1029.8.9.0.4, on account of the taxpayer’s tax payable under Part I, in relation to the partnership, shall pay the tax referred to in the second paragraph for the taxation year in which a fiscal period of the partnership ends, in this section referred to as the “fiscal period of repayment”, in which an amount relating to an eligible fee, or an eligible fee balance, of the partnership is, directly or indirectly, refunded or otherwise paid to the partnership or taxpayer or allocated to a payment to be made by the partnership or taxpayer.

The tax to which the first paragraph refers is equal to the amount by which the aggregate of all amounts each of which is an amount that the taxpayer would be deemed to have paid to the Minister for a taxation year under section 1029.8.9.0.4, in relation to the partnership, if the agreed proportion in respect of the taxpayer for the partnership’s fiscal period that ends in the taxation year were the same as that for the fiscal period of repayment, exceeds the total of

(a)  the aggregate of all amounts each of which is an amount that the taxpayer would be deemed to have paid to the Minister under that section, for a taxation year, in relation to the partnership, if

i.  every amount that is so refunded, paid or allocated at or before the end of the fiscal period of repayment, in relation to an eligible fee, or an eligible fee balance, of the partnership for a fiscal period, were refunded, paid or allocated in that fiscal period, and

ii.  the agreed proportion in respect of the taxpayer for the partnership’s fiscal period that ends in the taxation year were the same as that for the fiscal period of repayment; and

(b)  the aggregate of all amounts each of which is a tax that the taxpayer would be required to pay to the Minister under this section, in relation to the partnership, for a taxation year preceding the taxation year in which the fiscal period of repayment ends, if the agreed proportion in respect of the taxpayer for the partnership’s fiscal period that ends in the preceding taxation year were the same as that for the fiscal period of repayment.

For the purposes of the second paragraph, an amount referred to in subparagraph i of subparagraph a of that paragraph that is refunded or otherwise paid to the taxpayer or allocated to a payment to be made by the taxpayer is deemed to be an amount

(a)  that is refunded or otherwise paid to the partnership or allocated to a payment to be made by the partnership; and

(b)  that is determined by multiplying the amount refunded, paid or allocated by the reciprocal of the agreed proportion in respect of the taxpayer for the fiscal period of repayment.

1999, c. 83, s. 240; 2000, c. 39, s. 225; 2001, c. 51, s. 207; 2002, c. 40, s. 236; 2006, c. 36, s. 220; 2009, c. 15, s. 378.

2006-12-06

1129.0.7. Every taxpayer who is a member of a partnership and who is deemed to have paid an amount to the Minister, under section 1029.8.9.0.4, on account of the taxpayer’s tax payable under Part I, in relation to the partnership, shall pay the tax referred to in the second paragraph for the taxation year in which a fiscal period of the partnership ends, in this section referred to as the “fiscal period of repayment”, in which an amount relating to an eligible fee, or an eligible fee balance, of the partnership is, directly or indirectly, refunded or otherwise paid to the partnership or taxpayer or allocated to a payment to be made by the partnership or taxpayer.

The tax to which the first paragraph refers is equal to the amount by which the aggregate of all amounts each of which is an amount that the taxpayer would be deemed to have paid to the Minister for a taxation year under section 1029.8.9.0.4, in relation to the partnership, if the taxpayer’s share of the income or loss of the partnership for the partnership’s fiscal period that ends in the taxation year and the partnership’s income or loss for that fiscal period were the same as those for the fiscal period of repayment, exceeds the total of

(a)  the aggregate of all amounts each of which is an amount that the taxpayer would be deemed to have paid to the Minister under that section, for a taxation year, in relation to the partnership, if

i.  every amount that is so refunded, paid or allocated at or before the end of the fiscal period of repayment, in relation to an eligible fee, or an eligible fee balance, of the partnership for a fiscal period, were refunded, paid or allocated in that fiscal period, and

ii.  the taxpayer’s share of the income or loss of the partnership for the partnership’s fiscal period that ends in the taxation year and the partnership’s income or loss for that fiscal period were the same as those for the fiscal period of repayment; and

(b)  the aggregate of all amounts each of which is a tax that the taxpayer would be required to pay to the Minister under this section, in relation to the partnership, for a taxation year preceding the taxation year in which the fiscal period of repayment ends, if the taxpayer’s share of the income or loss of the partnership for the partnership’s fiscal period that ends in the preceding taxation year and the partnership’s income or loss for that fiscal period were the same as those for the fiscal period of repayment.

For the purposes of the second paragraph, an amount referred to in subparagraph i of subparagraph a of that paragraph that is refunded or otherwise paid to the taxpayer or allocated to a payment to be made by the taxpayer is deemed to be an amount

(a)  that is refunded or otherwise paid to the partnership or allocated to a payment to be made by the partnership; and

(b)  that is determined by multiplying the amount refunded, paid or allocated by the proportion that the income or loss of the partnership for the fiscal period of repayment is of the taxpayer’s share of that income or loss, on the assumption that, if the partnership’s income and loss for that fiscal period are nil, the partnership’s income is equal to $1,000,000.

1999, c. 83, s. 240; 2000, c. 39, s. 225; 2001, c. 51, s. 207; 2002, c. 40, s. 236; 2006, c. 36, s. 220.

2006-03-01

1129.0.7. Every taxpayer who is a member of a partnership and who is deemed to have paid an amount to the Minister, under section 1029.8.9.0.4, on account of the taxpayer’s tax payable under Part I, in relation to the partnership, shall pay the tax referred to in the second paragraph for the taxation year in which a fiscal period of the partnership ends, in this section referred to as the "fiscal period of repayment", in which an amount relating to an eligible fee, or an eligible fee balance, of the partnership is, directly or indirectly, refunded or otherwise paid to the partnership or taxpayer or allocated to a payment to be made by the partnership or taxpayer.

The tax to which the first paragraph refers is equal to the amount by which the aggregate of all amounts each of which is an amount that the taxpayer would be deemed to have paid to the Minister for a taxation year under section 1029.8.9.0.4, in relation to the partnership, if the taxpayer’s share of the income or loss of the partnership for the partnership’s fiscal period that ends in the taxation year were the same as the taxpayer’s share for the fiscal period of repayment, exceeds the total of

(a)  the aggregate of all amounts each of which is an amount that the taxpayer would be deemed to have paid to the Minister under that section, for a taxation year, in relation to the partnership, if

i.  every amount that is so refunded, paid or allocated at or before the end of the fiscal period of repayment, in relation to an eligible fee, or an eligible fee balance, of the partnership for a fiscal period, were refunded, paid or allocated in that fiscal period, and

ii.  the taxpayer’s share of the income or loss of the partnership for the partnership’s fiscal period that ends in the taxation year were the same as the taxpayer’s share for the fiscal period of repayment; and

(b)  the aggregate of all amounts each of which is a tax that the taxpayer would be required to pay to the Minister under this section, in relation to the partnership, for a taxation year preceding the taxation year in which the fiscal period of repayment ends, if the taxpayer’s share of the income or loss of the partnership for the partnership’s fiscal period that ends in the preceding taxation year were the same as the taxpayer’s share for the fiscal period of repayment.

For the purposes of the second paragraph, an amount referred to in subparagraph i of subparagraph a of that paragraph that is refunded or otherwise paid to the taxpayer or allocated to a payment to be made by the taxpayer is deemed to be an amount

(a)  that is refunded or otherwise paid to the partnership or allocated to a payment to be made by the partnership; and

(b)  that is determined by multiplying the amount refunded, paid or allocated by the proportion that the income or loss of the partnership for the fiscal period of repayment is of the taxpayer’s share of that income or loss, on the assumption that, if the partnership’s income and loss for that fiscal period are nil, the partnership’s income is equal to $1,000,000.

1999, c. 83, s. 240; 2000, c. 39, s. 225; 2001, c. 51, s. 207; 2002, c. 40, s. 236.