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

Act current to 2014-06-12 and last amended on 2014-01-01. Previous Versions

Marginal note:Instalment deferral for January, February and March 2002 - definitions
  •  (1) The following definitions apply in this section.

    “eligible corporation”

    « société admissible »

    “eligible corporation”, for a particular taxation year, means a corporation

    • (a) that is resident in Canada throughout the particular taxation year; and

    • (b) of which the taxable capital employed in Canada, within the meaning assigned by Part I.3, for its preceding taxation year did not exceed,

      • (i) if the corporation is not associated with any other corporation in the particular taxation year, $15 million, and

      • (ii) if the corporation is associated with one or more other corporations in the particular taxation year, the amount by which $15 million exceeds the total of the taxable capital employed in Canada, within the meaning assigned by Part I.3, of those other corporations for their last taxation years that ended in the last calendar year that ended before the end of the particular taxation year.

    “eligible instalment day”

    « jour admissible »

    “eligible instalment day” of an eligible corporation means a day in January, February or March, 2002, on which an instalment on account of the corporation’s tax payable under this Part for the taxation year that includes that day would become payable

    • (a) if this Act were read without reference to this section; and

    • (b) if, in the case of a corporation that is not required by section 157 to make instalment payments on account of its tax payable under this Part for the taxation year, it were so required.

  • Marginal note:Deferred balance-due day

    (2) An eligible corporation’s balance-due day for a taxation year that ends after 2001 is deemed to be the later of

    • (a) the day that would otherwise be the corporation’s balance-due day for the taxation year, and

    • (b) the day that is six months after the corporation’s last eligible instalment day in the taxation year.

  • Marginal note:Deferred instalment day

    (3) An amount that would, because of paragraph 157(1)(a), otherwise become payable in respect of a taxation year by an eligible corporation on an eligible instalment day of the corporation does not become payable on that day but becomes payable

    • (a) if the particular day that is six months after the eligible instalment day is in the taxation year, on the particular day; and

    • (b) in any other case, on the day that is deemed by subsection (2) to be the corporation’s balance-due day for the taxation year.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts. 2002, c. 9, s. 42.