Income Tax Act
Marginal note:Other individuals
(a) on or before March 15, June 15, September 15 and December 15 in the year, an amount equal to 1/4 of
(b) on or before
(i) March 15 and June 15 in the year, an amount equal to 1/4 of the individual’s instalment base for the second preceding taxation year, and
(ii) September 15 and December 15 in the year, an amount equal to 1/2 of the amount, if any, by which
(A) the individual’s instalment base for the preceding taxation year
(B) 1/2 of the individual’s instalment base for the second preceding taxation year.
Marginal note:Payment by mutual fund trusts
(2) Notwithstanding subsection 156(1), the amount payable by a mutual fund trust to the Receiver General on or before any day referred to in paragraph 156(1)(a) in a taxation year shall be deemed to be the amount, if any, by which
(a) the amount so payable otherwise determined under that subsection,
(b) 1/4 of the trust’s capital gains refund (within the meaning assigned by section 132) for the year.
Definition of instalment base
(3) In this section, instalment base of an individual for a taxation year means the amount determined in prescribed manner to be the individual’s instalment base for the year.
Marginal note:Payments by SIFT trusts
(4) Subsections (1) to (3) and section 156.1 do not apply to a SIFT trust.
- NOTE: Application provisions are not included in the consolidated text;
- see relevant amending Acts. R.S., 1985, c. 1 (5th Supp.), s. 156;
- 1994, c. 7, Sch. II, s. 128, Sch. VIII, s. 92, c. 8, s. 23;
- 2013, c. 40, s. 68.
- Date modified: