PART IX — Tax on Deduction Under Section 66.5

Tax in respect of cumulative offset account

Not yet annotated · Text current to 2026-06-21 · section last amended 2004-08-31

Current text

Every corporation shall pay a tax under this Part for each taxation year equal to 30% of the amount deducted under subsection 66.5(1) in computing its income for the year.

Return

(2)

Every corporation that is liable to pay tax under this Part for a taxation year shall file with the Minister, not later than the day on or before which it is required under section 150 to file a return of its income for the year under Part I, a return for the year under this Part in prescribed form containing an estimate of the amount of tax payable by it under this Part for the year.

Instalments

(3)

Where a corporation is liable to pay tax for a taxation year under this Part, the corporation shall pay in respect of the year, to the Receiver General

(a)

on or before the last day of each month in the year, an amount equal to 1/12 of the amount of tax payable by it under this Part for the year; and

(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.

Provisions applicable to Part

(4)

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

Source: Justice Laws Website. Not an official version.

Historic text

This section has not been amended since the start of the point-in-time record on 31 August 2004.

Earlier versions: Justice Laws point-in-time versions of the Act (from 31 August 2004), and CanLII (under “Versions”). On Justice Laws, each version of section 196 links to the one before it.

Enacting and amending legislation

R.S., 1985, c. 1 (5th Supp.), s. 196; 2003, c. 15, s. 123

Text before 2004 is found in the annual Statutes of Canada cited above. Application and coming-into-force provisions are not part of the consolidation; see the amending Acts.

Cross-references

This section refers to

s. 66.5 s. 150 s. 161 s. 162

Referred to in

s. 133

References are generated from the statutory text and list other sections of the Act only.

Citation

Income Tax Act, R.S.C. 1985, c. 1 (5th Supp.), s. 196.