I-3 - Taxation Act

Section 486.3 Disposition versions

2015-10-26

486.3. For the purpose of applying section 144 for the taxpayer’s taxation year in which the taxpayer pays a specified amount, the amount to which section 144 applies is to be determined as if,

(a)  where the taxpayer was in existence at the time the original amount became receivable by a person referred to in section 90 or became payable to such a person, the specified amount had been paid by the taxpayer at that time; and

(b)  in any other case, the taxpayer were in existence and had a calendar taxation year at the time the original amount became receivable by a person referred to in section 90 or became payable to such a person and the specified amount had been paid by the taxpayer at that time.

The first paragraph does not apply to a specified amount paid by a taxpayer if

(a)  the recipient is a partnership;

(b)  the original amount became receivable by a person referred to in section 90 or became payable to such a person in a particular fiscal period of the partnership;

(c)  the taxpayer is a member of the partnership at the end of the particular fiscal period; and

(d)  the taxpayer paid the specified amount before the end of the taxation year of the taxpayer in which the particular fiscal period ends.

2015, c. 24, s. 78.