• 87. (1) Subsection 227.1(1) of the Act is replaced by the following:

  Marginal note:Liability of directors for failure to deduct

  • 227.1 (1) Where a corporation has failed to deduct or withhold an amount as required by subsection 135(3) or 135.1(7) or section 153 or 215, has failed to remit such an amount or has failed to pay an amount of tax for a taxation year as required under Part VII or VIII, the directors of the corporation at the time the corporation was required to deduct, withhold, remit or pay the amount are jointly and severally, or solidarily, liable, together with the corporation, to pay that amount and any interest or penalties relating to it.

• (2) Subsection (1) applies after 2005.

• 88. (1) Section 235 of the Act is replaced by the following:

  Marginal note:Penalty for failing to file corporate returns

  235. 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

  • (a) 0.0005% of the corporation’s taxable capital employed in Canada at the end of the taxation year, and

  • (b) 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.

• (2) Subsection (1) applies to the 2006 and subsequent taxation years.

Marginal note:2005, c. 30, s. 25(1)

• 89. (1) Sections 5 to 5.2 of Schedule I to the Excise Tax Act are repealed.

• (2) Subsection (1) is deemed to have come into force on May 2, 2006.

90. Section 26 of the Budget Implementation Act, 2005 is repealed.

Marginal note:2005, c. 19, s. 10

91. The title of Part 2 of the First Nations Goods and Services Tax Act is replaced by the following:

Marginal note:2005, c. 19, s. 10

• 92. (1) The definitions “parallel Quebec law” and “reserves in Quebec” in section 17 of the Act are repealed.

• (2) Section 17 of the Act is amended by adding the following in alphabetical order:

  “parallel provincial law”

  « loi provinciale parallèle »

  “parallel provincial law”, in respect of a band law, means the enactment of the specified province listed in Schedule 2 opposite the name of the council of the band that enacted the band law, or those provisions of an enactment of that province, to which the band law is similar.

  “specified province”

  « province visée »

  “specified province” means a province that is listed in Schedule 2.