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, every member of the partnership must — on or before the day on which a return is, or would be if the entity were a SIFT partnership, required to be filed for the year under section 229 of the Income Tax Regulations — file with the Minister a return for the year under this Part in prescribed form.

• Marginal note:Authority to file return for partnership

  (1.1) For the purposes of paragraph (1)(c), if, in respect of a taxation year of a partnership, a particular member of the partnership has authority to act for the partnership,

  • (a) if the particular member has filed a return as required by this Part for the year, each other person who was a member of the partnership during the year is deemed to have filed the return; and

  • (b) a return that has been filed by any other member of the partnership for the year is not valid and is deemed not to have been filed by any member of the partnership.

• 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.