Income Tax Act (R.S.C., 1985, c. 1 (5th Supp.))

Act current to 2014-09-29 and last amended on 2014-06-27. Previous Versions

Marginal note:Tax where inadequate consideration on purchase or sale

 Every trust governed by a deferred profit sharing plan or a revoked plan shall, for each calendar year after 1990, pay a tax equal to 50% of the total of all amounts each of which is, by reason of subsection 147(18), an amount taxable under this section for the year.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts. 1970-71-72, c. 63, s. 1“201”;
  • 1976-77, c. 4, s. 68;
  • 1990, c. 35, s. 20.
Marginal note:Returns and payment of estimated tax
  •  (1) Within 90 days from the end of each year after 1965, a trustee of every trust governed by a deferred profit sharing plan or revoked plan shall

    • (a) file with the Minister a return for the year under this Part in prescribed form and containing prescribed information, without notice or demand therefor;

    • (b) estimate in the return the amount of tax payable by the trust under this Part for the year;

    • (c) estimate in the return the amount of any refund to which the trust is entitled under this Part for the year; and

    • (d) pay to the Receiver General the unpaid balance of the trust’s tax for the year minus any refund to which it is entitled under this Part, or apply in the return for any amount owing to it.

  • Marginal note:Consideration of application for refund

    (2) Where a trustee of a trust has made application for an amount owing to it pursuant to subsection 202(1), the Minister shall

    • (a) consider the application;

    • (b) determine the amount of any refund; and

    • (c) send to the trustee a notice of refund and any amount owing to the trust, or a notice that no refund is payable.

  • Marginal note:Provisions applicable to Part

    (3) Subsection 150(2), sections 152 and 158, subsections 161(1) and 161(11), sections 162 to 167 and Division J of Part I are applicable to this Part with such modifications as the circumstances require and, for the purposes of the application of those provisions to this Part, a notice of refund under this section shall be deemed to be a notice of assessment.

  • Marginal note:Provisions applicable to refunds

    (4) Subsections 164(3) to 164(4) are applicable, with such modifications as the circumstances require, to refunds of tax under subsection 198(4) or 198(5) or 199(2).

  • Marginal note:Interest

    (5) In addition to the interest payable under subsection 161(1), where a taxpayer is required by section 198 to pay a tax and has failed to pay all or any part thereof on or before the day on or before which the tax was required to be paid, the taxpayer shall pay to the Receiver General interest at the prescribed rate on the amount that the taxpayer failed to pay computed from the day on or before which the amount was required to be paid to the day of payment or to the beginning of the period in respect of which the taxpayer is required by subsection 161(1) to pay interest thereon, whichever is earlier.

  • Marginal note:Deemed payment of tax

    (6) For the purposes of subsections 161(1) and 202(5), where a trust is liable to pay tax under this Part on the acquisition by it of a non-qualified investment or on the use of its property as security for a loan, it shall, except to the extent that the tax has previously been paid, be deemed to have paid tax on the date on which the property is disposed ofor on which the loan ceases to be extant, as the case may be, in an amount equal to the refund referred to in subsection 198(4) in respect of that property or subsection 198(5) in respect of the loan, as the case may be.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts. 1970-71-72, c. 63, s. 1 “202”;
  • 1977-78, c. 32, s. 44;
  • 1980-81-82-83, c. 48, s. 115;
  • 1984, c. 1, s. 96;
  • 1985, c. 45, ss. 107, 126(F);
  • 1986, c. 6, s. 105;
  • 1990, c. 35, s. 30.