Income Tax Act

Marginal note:Payment by corporations

• 157 (1) Every corporation shall, in respect of each of its taxation years, pay to the Receiver General

  • (a) either

    • (i) on or before the last day of each month in the year, an amount equal to 1/12 of the total of the amounts estimated by it to be the taxes payable by it under this Part and Parts I.3, VI, VI.1 and XIII.1 for the year,

    • (ii) on or before the last day of each month in the year, an amount equal to 1/12 of its first instalment base for the year, or

    • (iii) on or before the last day of each of the first two months in the year, an amount equal to 1/12 of its second instalment base for the year, and on or before the last day of each of the following months in the year, an amount equal to 1/10 of the amount remaining after deducting the amount computed pursuant to this subparagraph in respect of the first two months from its first instalment base for the year; and

  • (b) the remainder of the taxes payable by it under this Part and Parts I.3, VI, VI.1 and XIII.1 for the year on or before its balance-due day for the year.

• (2) [Repealed, 2003, c. 15, s. 115(1)]

• Marginal note:$1,000 threshold

  (2.1) Where

  • (a) the total of the taxes payable under this Part and Parts I.3, VI, VI.1 and XIII.1 by a corporation for a taxation year (determined before taking into consideration the specified future tax consequences for the year), or

  • (b) the corporation’s first instalment base for the year,

  is not more than $1,000, the corporation may, instead of paying the instalments required for the year by paragraph (1)(a), pay to the Receiver General, under paragraph (1)(b), the total of the taxes payable by it under this Part and Parts I.3, VI, VI.1 and XIII.1 for the year.

• Marginal note:Private, mutual fund and non-resident-owned investment corporations

  (3) Notwithstanding subsection 157(1), the amount payable for a taxation year by a corporation to the Receiver General on or before the last day of any month in the year shall be deemed to be the amount, if any, by which

  • (a) the amount so payable as determined under that subsection for the month

  exceeds

  • (b) where the corporation is neither a mutual fund corporation nor a non-resident-owned investment corporation, 1/12 of the corporation’s dividend refund (within the meaning assigned by subsection 129(1)) for the year,

  • (c) where the corporation is a mutual fund corporation, 1/12 of the total of

    • (i) the corporation’s capital gains refund (within the meaning assigned by section 131) for the year, and

    • (ii) the amount that, by virtue of subsection 131(5), is the corporation’s dividend refund (within the meaning assigned by section 129) for the year,

  • (d) where the corporation is a non-resident-owned investment corporation, 1/12 of the corporation’s allowable refund (within the meaning assigned by section 133) for the year, and

  • (e) 1/12 of the total of the amounts each of which is deemed by subsection 125.4(3), 125.5(3), 127.1(1) or 127.41(3) to have been paid on account of the corporation’s tax payable under this Part for the year.

• Marginal note:Definitions

  (4) In this section, first instalment base and second instalment base of a corporation for a taxation year have the meanings prescribed by regulation.