Budget Implementation Act, 2003 (S.C. 2003, c. 15)

Full Document:

Assented to 2003-06-19

119. (1) The portion of subsection 183.1(2) of the Act after paragraph (b) is replaced by the following:
the corporation shall, on or before its balance-due day for its taxation year that includes that time, pay tax of 45% of that amount or portion of it, as the case may be.
(2) Subsection (1) applies to taxation years that begin after June 2003.

120. (1) The portion of subsection 186(1) of the Act before paragraph (a) is replaced by the following:
Marginal note:Tax on assessable dividends
- 186. (1) Every corporation (in this section referred to as the “particular corporation”) that is at any time in a taxation year a private corporation or a subject corporation shall, on or before its balance-due day for the year, pay a tax under this Part for the year equal to the amount, if any, by which the total of
(2) Subsection (1) applies to taxation years that begin after June 2003.

121. (1) Section 187.2 of the Act is replaced by the following:
Marginal note:Tax on dividends on taxable preferred shares
187.2 Every corporation shall, on or before its balance-due day for a taxation year, pay a tax under this Part for the year equal to 10% of the total of all amounts each of which is a dividend, other than an excepted dividend, received by the corporation in the year on a taxable preferred share (other than a share of a class in respect of which an election under subsection 191.2(1) has been made) to the extent that an amount in respect of the dividend was deductible under section 112 or 113 or subsection 138(6) in computing its taxable income for the year or under subsection 115(1) in computing its taxable income earned in Canada for the year.
(2) Subsection (1) applies to taxation years that begin after June 2003.

122. (1) Subsection 187.3(1) of the Act is replaced by the following:
Marginal note:Tax on dividends on taxable RFI shares
- 187.3 (1) Every restricted financial institution shall, on or before its balance-due day for a taxation year, pay a tax under this Part for the year equal to 10% of the total of all amounts each of which is a dividend, other than an excepted dividend, received by the institution at any time in the year on a share acquired by any person before that time and after 8:00 p.m. Eastern Daylight Saving Time, June 18, 1987 that was, at the time the dividend was paid, a taxable RFI share to the extent that an amount in respect of the dividend was deductible under section 112 or 113 or subsection 138(6) in computing its taxable income for the year or under subsection 115(1) in computing its taxable income earned in Canada for the year.
(2) Subsection (1) applies to taxation years that begin after June 2003.

123. (1) Paragraph 196(3)(b) of the Act is replaced by the following:
- (b) the remainder, if any, of the tax payable by it under this Part for the year, on or before its balance-due day for the year.
(2) Subsection (1) applies to taxation years that begin after June 2003.

124. (1) Paragraph 204.86(1)(c) of the Act is replaced by the following:
- (c) on or before its balance-due day for the year, pay to the Receiver General the amount of tax and penalties, if any, payable under this Part by it for the year.
(2) Paragraph 204.86(2)(c) of the Act is replaced by the following:
- (c) on or before its balance-due day for the year, pay to the Receiver General the amount of tax payable under this Part by it for the year.
(3) Subsections (1) and (2) apply to taxation years that begin after June 2003.

125. (1) The portion of subsection 208(2) of the Act before paragraph (a) is replaced by the following:
- Marginal note:Return and payment of tax
  (2) A person liable to pay a tax under this Part in respect of a year shall, on or before its balance-due day for a taxation year,
(2) Subsection (1) applies to taxation years that begin after June 2003.

126. (1) Paragraph 209(4)(b) of the Act is replaced by the following:
- (b) the remainder, if any, of the tax payable by the person under this Part for the year, on or before the person’s balance-due day for the year.
(2) Subsection (1) applies to taxation years that begin after June 2003.

127. (1) Section 211.4 of the Act is replaced by the following:
Marginal note:Payment of remainder of tax
211.4 Every life insurer shall pay, on or before its balance-due day for a taxation year, the remainder, if any, of the tax payable under this Part by the insurer for the year.
(2) Subsection (1) applies to taxation years that begin after June 2003.

128. (1) The portion of subsection 219(1) of the Act before paragraph (a) is replaced by the following:
Marginal note:Additional tax
- 219. (1) Every corporation that is non-resident in a taxation year shall, on or before its balance-due day for the year, pay a tax under this Part for the year equal to 25% of the amount, if any, by which the total of
(2) Subsection (1) applies to taxation years that begin after June 2003.

129. (1) Subsection 220(3) of the Act is replaced by the following:
- Marginal note:Extensions for returns
  (3) The Minister may at any time extend the time for making a return under this Act. However, the extension does not apply for the purpose of calculating a penalty that a person is liable to pay under section 162 if the person fails to make the return within the period of the extension.
(2) Subsection (1) applies in respect of extensions granted after February 18, 2003.

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