Income Tax Act

Version of section 156 from 2013-12-12 to 2017-10-13:

Marginal note:Other individuals
  •  (1) Subject to section 156.1, in respect of each taxation year every individual (other than one to whom section 155 applies for the year) shall pay to the Receiver General

    • (a) on or before March 15, June 15, September 15 and December 15 in the year, an amount equal to 1/4 of

      • (i) the amount estimated by the individual to be the tax payable under this Part by the individual for the year, or

      • (ii) the individual’s instalment base for the preceding taxation year, or

    • (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

        exceeds

        • (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,

    exceeds

    • (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.
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