I-3 - Taxation Act

Section 851.50 Disposition versions

2016-01-01

851.50. Notwithstanding section 1010, the Minister may, to give effect to the provisions of this Title, in respect of a taxpayer, redetermine the tax, interest and penalties payable under this Part and make a reassessment or an additional assessment, as the case may be,

(a)  within thirteen years after the later of the day of sending of a notice of an original assessment or of a notice that no tax is payable for a taxation year in which an indebtedness that is a limited-recourse amount arose or the day on which a fiscal return for the taxation year is filed;

(b)  within fourteen years after the day referred to in paragraph a if, at the end of the taxation year concerned, the taxpayer is a mutual fund trust or a corporation other than a Canadian controlled private corporation.

2001, c. 7, s. 132; 2004, c. 4, s. 8; I.N. 2016-01-01 (NCCP).

2006-03-01

851.50. Notwithstanding section 1010, the Minister may, to give effect to the provisions of this Title, in respect of a taxpayer, redetermine the tax, interest and penalties payable under this Part and make a reassessment or an additional assessment, as the case may be,

(a)  within thirteen years after the later of the day of sending of a notice of an original assessment or of a notification that no tax is payable for a taxation year in which an indebtedness that is a limited-recourse amount arose or the day on which a fiscal return for the taxation year is filed;

(b)  within fourteen years after the day referred to in paragraph a if, at the end of the taxation year concerned, the taxpayer is a mutual fund trust or a corporation other than a Canadian controlled private corporation.

2001, c. 7, s. 132; 2004, c. 4, s. 8.