PART X.3 — Labour-sponsored Venture Capital Corporations

Refunds for federally registered LSVCCs

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

Current text

If a corporation is required, under subsections 204.82(3) and (4), to pay a tax and a penalty under this Part for a taxation year, it has no monthly deficiency throughout any period of 12 consecutive months (in this section referred to as the “second period”) that begins after the 12-month period in respect of which the tax became payable (in this section referred to as the “first period”) and it so requests in an application filed with the Minister in prescribed form, the Minister shall refund to it an amount equal to the total of the amount that was paid under subsection 204.82(3) and 80% of the amount that was paid under subsection 204.82(4) in respect of the first period on or before the later of

(a)

the 30th day after receiving the application, and

(b)

the 60th day after the end of the second period.

Refunds of amounts payable to provinces

(2)

Where

(a)

the government of a province refunds, at any time, an amount to a corporation,

(b)

the refund is of an amount that had been paid in satisfaction of a particular amount payable in a taxation year of the corporation, and

(c)

tax was payable under subsection 204.82(5) or (6) by the corporation for a taxation year because the particular amount became payable,

the corporation is deemed to have paid at that time an amount equal to the refund on account of its tax payable under this Part for the year.

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 204.83 links to the one before it.

Enacting and amending legislation

1994, c. 7, Sch. II, s. 164; 1998, c. 19, s. 54; 1999, c. 22, s. 70; 2000, c. 19, s. 57

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. 204.82

Referred to in

s. 204.81 s. 204.82

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. 204.83.