Versions of s. 127.421(3)

I-3.3 — Income Tax Act · 2 versions · View current text

Historical text comes from the Justice Laws point-in-time corpus and is unofficial — not the official version.

2026-03-26 to present available View Source

A corporation that files a return of income for a particular taxation year ending in a calendar year after 2023 (other than a final return on dissolution) is, if the return is filed on or before July 15 of the following calendar year, deemed to have paid on ~~its~~October ~~balance-due~~1st ~~day~~of ~~for~~that ~~the~~calendar year, on account of tax payable under this Part for the particular taxation year, the ~~total of all amounts, each of which is an amount, for each designated province for the calendar year,~~amount determined by the formula A × B × C where A is the fuel return specified for the designated province, for the calendar year; B is if the total number of persons each of whom was a person employed by the corporation in a province at any time in the calendar year exceeds 499, nil, and in any other case, the total number of persons, each of whom was a person employed by the corporation in the designated province in the calendar year; and C is if the corporation was a Canadian-controlled private corporation at all times in the particular taxation year, 1, and in any other case, nil.

Full text

A corporation that files a return of income for a particular taxation year ending in a calendar year after 2023 (other than a final return on dissolution) is, if the return is filed on or before July 15 of the following calendar year, deemed to have paid on October 1st of that calendar year, on account of tax payable under this Part for the particular taxation year, the amount determined by the formula A × B × C where A is the fuel return specified for the designated province, for the calendar year; B is if the total number of persons each of whom was a person employed by the corporation in a province at any time in the calendar year exceeds 499, nil, and in any other case, the total number of persons, each of whom was a person employed by the corporation in the designated province in the calendar year; and C is if the corporation was a Canadian-controlled private corporation at all times in the particular taxation year, 1, and in any other case, nil.
2024-06-20 to 2026-03-26 View Source

A corporation that files a return of income for a particular taxation year ending in a calendar year after 2023 (other than a final return on dissolution) is, if the return is filed on or before July 15 of the following calendar year, deemed to have paid on its balance-due day for the year, on account of tax payable under this Part for the particular taxation year, the total of all amounts, each of which is an amount, for each designated province for the calendar year, determined by the formula A × B × C where A is the fuel return specified for the designated province, for the calendar year; B is if the total number of persons each of whom was a person employed by the corporation in a province at any time in the calendar year exceeds 499, nil, and in any other case, the total number of persons, each of whom was a person employed by the corporation in the designated province in the calendar year; and C is if the corporation was a Canadian-controlled private corporation at all times in the particular taxation year, 1, and in any other case, nil.