Marginal note:Interpretation
79.1 (1) For the purposes of this section,
(a) a person's "instalment base"
(i) for a fiscal month is the lesser of
(A) the tax payable under Part III, other than tax payable in accordance with the Customs Act, by that person in that month, and
(B) the tax so payable in the last preceding fiscal month, and
(ii) for any period authorized under subsection 79(2) is the lesser of
(A) the tax payable under Part III, other than tax payable in accordance with the Customs Act, by that person in that period, and
(B) the tax so payable in the last preceding period so authorized multiplied by the ratio that the number of days in the period to which the return relates is to the number of days in that last preceding period; and
(iii) [Repealed, 2003, c. 15, s. 101]
(b) a person is a "large taxpayer" at any particular time if
(i) the aggregate amount of tax payable under Part III, other than tax payable in accordance with the Customs Act, by that person in the last preceding calendar year ending at least ninety days, or ninety-one days if that time falls in a leap year, before that time exceeded twelve million dollars, or
(ii) the person
(A) was, at any time in the last preceding calendar year ending at least ninety days, or ninety-one days if that time falls in a leap year, before that time, a member of a group of associated corporations (within the meaning of section 256 of the Income Tax Act) and the aggregate amount of taxes payable under Part III, other than taxes payable in accordance with the Customs Act, by the group in that year exceeded twelve million dollars, and
(B) is not, at that time, authorized under subsection 79(2) to file a return for a period longer than one fiscal month.
Marginal note:Instalment payments by large taxpayers
(2) A large taxpayer who is required to file a return and pay tax under subsection 79(1) shall pay two instalments, each equal to one-half of the taxpayer's instalment base for the fiscal month in which the tax became payable or the sales were made, as the case may be, the first to be paid not later than the last day of that month and the second not later than the day that is 15 days after that last day.
Marginal note:Instalment payments by other persons
(3) A person, other than a large taxpayer, who is required under subsection 79(1) or (3) to file a return and pay tax in respect of a fiscal month or other period authorized under subsection 79(2) shall, not later than 21 days after the end of the month or period, as the case may be, pay an instalment on account of the tax equal to the person's instalment base for the month or period.
(4) to (8) [Repealed, 2003, c. 15, s. 101]
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- R.S., 1985, c. 12 (4th Supp.), s. 33
- 1999, c. 31, s. 247(F)
- 2002, c. 22, s. 384
- 2003, c. 15, ss. 101, 130
- Date modified: