Versions of s. 235

I-3.3 — Income Tax Act · 3 versions · View current text

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

2024-06-20 to present available View Source

Every large corporation (within the meaning assigned by subsection 225.1(8)) that fails to file a return for a taxation year as and when required by section 150 or 190.2 is liable, in addition to any penalty otherwise provided, to a penalty for each such failure equal to the amount determined by the formula A × B where A is the total of 0.0005% of the corporation’s taxable capital employed in Canada (within the meaning assigned in Part I.3) at the end of the taxation year, and 0.25% of the tax that would be payable under Part VI by the corporation for the year if this Act were read without reference to subsection 190.1(3); and B is the number of complete months, not exceeding 40, from the day on or before which the return was required to be filed to the day on which the return is filed.

Full text

Every large corporation (within the meaning assigned by subsection 225.1(8)) that fails to file a return for a taxation year as and when required by section 150 or 190.2 is liable, in addition to any penalty otherwise provided, to a penalty for each such failure equal to the amount determined by the formula A × B where A is the total of 0.0005% of the corporation’s taxable capital employed in Canada (within the meaning assigned in Part I.3) at the end of the taxation year, and 0.25% of the tax that would be payable under Part VI by the corporation for the year if this Act were read without reference to subsection 190.1(3); and B is the number of complete months, not exceeding 40, from the day on or before which the return was required to be filed to the day on which the return is filed.
2006-06-22 to 2024-06-20 View Source

Every large corporation (within the meaning assigned by subsection 225.1(8)) that fails to file a return for a taxation year as and when required by section ~~150, 181.6~~150 or 190.2 is liable, in addition to any penalty otherwise provided, to a penalty for each such failure equal to the amount determined by the formula ~~0.0025~~ A × B where A is the total of 0.0005% of the ~~taxes~~corporation’s taxable capital employed in Canada at the end of the taxation year, and 0.25% of the tax that would be payable under ~~Parts I.3 and~~Part VI by the corporation for the year if this Act were read without reference to ~~subsections 181.1(4) and~~subsection 190.1(3); and B is the number of complete months, not exceeding 40, from the ~~later of the~~ day on or before which the return was required to be ~~filed, and December 17, 1991,~~filed to the day on which the return is filed.

Full text

Every large corporation (within the meaning assigned by subsection 225.1(8)) that fails to file a return for a taxation year as and when required by section 150 or 190.2 is liable, in addition to any penalty otherwise provided, to a penalty for each such failure equal to the amount determined by the formula A × B where A is the total of 0.0005% of the corporation’s taxable capital employed in Canada at the end of the taxation year, and 0.25% of the tax that would be payable under Part VI by the corporation for the year if this Act were read without reference to subsection 190.1(3); and B is the number of complete months, not exceeding 40, from the day on or before which the return was required to be filed to the day on which the return is filed.
2004-08-31 to 2006-06-22 View Source

Every corporation that fails to file a return for a taxation year as and when required by section 150, 181.6 or 190.2 is liable, in addition to any penalty otherwise provided, to a penalty for each such failure equal to the amount determined by the formula 0.0025 A × B where A is the total of the taxes that would be payable under Parts I.3 and VI by the corporation for the year if this Act were read without reference to subsections 181.1(4) and 190.1(3); and B is the number of complete months, not exceeding 40, from the later of the day on or before which the return was required to be filed, and December 17, 1991, to the day on which the return is filed.