Income Tax Act

Marginal note:Return

• 183.4 (1) If a covered entity redeems, acquires or cancels equity of the entity in a taxation year,

  • (a) if the entity is a corporation, on or before the day it is required to file its return of income under Part I for the year, the corporation shall file with the Minister a return for the year under this Part in prescribed form;

  • (b) if the entity is a trust, within 90 days after the end of the taxation year, the trustee of the trust shall file with the Minister a return for the year under this Part in prescribed form; and

  • (c) if the entity is a partnership, a member of the partnership that has authority to act for the partnership shall file with the Minister a return for the year under this Part in prescribed form on or before the earlier of

    • (i) the day that is five months after the end of the taxation year, and

    • (ii) March 31 in the calendar year immediately following the calendar year in which the taxation year ended.

• Marginal note:Payment

  (2) Every covered entity that is liable to pay tax under this Part for a taxation year, shall

  • (a) if the entity is a corporation or trust, pay its tax payable under this Part for the year to the Receiver General on or before its balance-due day for the year; and

  • (b) if the entity is a partnership, pay its tax payable under this Part for the year to the Receiver General on or before the day which the partnership is required to file a return for the year under paragraph (1)(c).

• Marginal note:Provisions applicable to Part

  (3) Subsections 150(2) and (3), sections 152, 158 and 159, subsections 160.1(1) and 161(1) and (11), sections 162 to 167 and Division J of Part I are applicable to this Part with such modifications as the circumstances require.