I-3 - Taxation Act

Section 1129.0.9.1 Disposition versions

2009-06-04

1129.0.9.1. Every corporation that is deemed to have paid an amount to the Minister, under section 1029.8.16.6, on account of its tax payable under Part I for a particular taxation year, in relation to its eligible amount for that particular year, shall pay the tax referred to in the second paragraph for a subsequent taxation year, in this section referred to as the “repayment year”, in which an amount relating to an expenditure included, in whole or in part, in computing the eligible amount is, directly or indirectly, refunded or otherwise paid to the corporation or to a partnership of which it is a member, or allocated to a payment to be made by the corporation or partnership.

The tax to which the first paragraph refers is equal to the amount by which the amount that the corporation is deemed to have paid to the Minister for the particular year under section 1029.8.16.6, in relation to its eligible amount for that particular year, exceeds the total of

(a)  the amount that the corporation would be deemed to have paid to the Minister under that section, for that particular year, if every amount that is so refunded, paid or allocated at or before the end of the repayment year, in relation to an expenditure included in whole or in part in computing the eligible amount, were refunded, paid or allocated in the particular year; and

(b)  the aggregate of all amounts each of which is a tax that the corporation is required to pay to the Minister under this section, for a taxation year preceding the repayment year, in relation to the eligible amount.

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

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

(b)  that is determined by multiplying the amount refunded, paid or allocated by the agreed proportion in respect of the corporation for the partnership’s fiscal period that ends in the repayment year.

2000, c. 39, s. 227; 2001, c. 51, s. 208; 2002, c. 40, s. 238; 2009, c. 15, s. 380.

2006-03-01

1129.0.9.1. Every corporation that is deemed to have paid an amount to the Minister, under section 1029.8.16.6, on account of its tax payable under Part I for a particular taxation year, in relation to its eligible amount for that particular year, shall pay the tax referred to in the second paragraph for a subsequent taxation year, in this section referred to as the “repayment year”, in which an amount relating to an expenditure included, in whole or in part, in computing the eligible amount is, directly or indirectly, refunded or otherwise paid to the corporation or to a partnership of which it is a member, or allocated to a payment to be made by the corporation or partnership.

The tax to which the first paragraph refers is equal to the amount by which the amount that the corporation is deemed to have paid to the Minister for the particular year under section 1029.8.16.6, in relation to its eligible amount for that particular year, exceeds the total of

(a)  the amount that the corporation would be deemed to have paid to the Minister under that section, for that particular year, if every amount that is so refunded, paid or allocated at or before the end of the repayment year, in relation to an expenditure included in whole or in part in computing the eligible amount, were refunded, paid or allocated in the particular year; and

(b)  the aggregate of all amounts each of which is a tax that the corporation is required to pay to the Minister under this section, for a taxation year preceding the repayment year, in relation to the eligible amount.

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

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

(b)  that is determined by multiplying the amount refunded, paid or allocated by the proportion that the corporation’s share of the income or loss of the partnership for the fiscal period of the partnership ending in the repayment year is 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.

2000, c. 39, s. 227; 2001, c. 51, s. 208; 2002, c. 40, s. 238.