79. (1) The portion of subsection 161(4.01) of the Act after paragraph (d) is replaced by the following:
	reduced by the amount, if any, determined under paragraph 156(2)(b) in respect of the individual for the year, whichever method gives rise to the least total amount of such parts or instalments required to be paid by the individual by that day.
	(2) The portion of subsection 161(4.1) of the Act after paragraph (c) is replaced by the following:
	reduced by the amount, if any, determined under any of paragraphs 157(3)(b) to (d) in respect of the corporation for the year, whichever method gives rise to the least total amount of such parts or instalments of tax for the year.
	(3) Subsections (1) and (2) apply to the 1992 and subsequent taxation years.
	80. The portion of subsection 162(7) of the Act before paragraph (a) is replaced by the following:
Failure to comply with regulation	(7) Every person (other than a registered charity) who fails
	81. (1) The definition ``long-term debt'' in subsection 181(1) of the Act is replaced by the following:
``long-term debt'' « passif à long terme »	``long-term debt'' means
	(a) in the case of a bank, its subordinated indebtedness (within the meaning assigned by section 2 of the Bank Act) evidenced by obligations issued for a term of not less than 5 years,
	(b) in the case of an insurance corporation, its subordinated indebtedness (within the meaning assigned by section 2 of the Insurance Companies Act) evidenced by obligations issued for a term of not less than 5 years, and
	(c) in the case of any other corporation, its subordinated indebtedness (within the meaning that would be assigned by section 2 of the Bank Act if the definition of that expression in that section were applied with such modifications as the circumstances require) evidenced by obligations issued for a term of not less than 5 years,
	but does not include, where the corporation is a prescribed federal Crown corporation for the purpose of section 27, any indebtedness evidenced by obligations issued to and held by Her Majesty in right of Canada;
	(2) Subsection (1) applies after May 31, 1992.
	82. (1) Paragraph 181.1(4)(c) of the Act is replaced by the following:
	(c) the amount that would, but for this subsection, be its tax payable under this Part for the year
	(2) Subsection (1) applies to the 1992 and subsequent taxation years.
	83. (1) Clause 181.3(1)(c)(ii)(A) of the Act is replaced by the following:
	(A) that proportion of the amount, if any, by which the total of
	(I) its taxable capital for the year, and
	(II) the amount prescribed for the year in respect of the corporation
	exceeds
	(III) the amount prescribed for the year in respect of the corporation
	that its Canadian reserve liabilities as at the end of the year is of the total of
	(IV) its total reserve liabilities as at the end of the year, and
	(V) the amount prescribed for the year in respect of the corporation, and
	(2) Paragraph 181.3(3)(c) of the Act is amended by striking out the word ``and'' at the end of subparagraph (iv) and by adding the following after subparagraph (v):
	(vi) the total amount of its deferred acquisition expenses in respect of its property and casualty insurance business in Canada, to the extent that it can reasonably be attributed to an amount included in the amount determined under subparagraph (iii); and
	(3) Subparagraph 181.3(3)(d)(i) of the Act is replaced by the following:
	(i) the greater of its surplus funds derived from operations (within the meaning assigned by subsection 138(12)), computed as if no tax were payable under this Part or Part VI for the year, and its attributed surplus for the year,
	(4) Subparagraph 181.3(3)(d)(iv) of the Act is amended by striking out the word ``and'' at the end of clause (C), by adding the word ``and'' at the end of clause (D) and by adding the following after clause (D):
	(E) the total amount of its deferred acquisition expenses in respect of its property and casualty insurance business in Canada, to the extent that it can reasonably be attributed to an amount included in the amount determined under clause (A).
	(5) Subsection (1) applies
	(a) to taxation years that end after February 25, 1992; and
	(b) where a corporation elects under paragraph 88(2)(b), to its 1991 and subsequent taxation years and, notwithstanding subsections 152(4) to (5) of the Act, such assessments and determinations in respect of any taxation year shall be made as are consequential on the application of subsection (1) to the corporation's taxation years that end before February 26, 1992.
	(6) Subsections (2) to (4) apply to the 1992 and subsequent taxation years.
	84. (1) Subsections 188(1) and (2) of the Act are replaced by the following:
Revocation tax	188. (1) Where the registration of a charity is revoked, the charity shall, on or before the day (in this subsection referred to as the ``payment day'') in a taxation year that is one year after the day on which the revocation is effective,
	(a) pay a tax under this Part for the year equal to the amount determined by the formula
	A + B - C - D - E - F
	where
	A is the total of all amounts each of which is the fair market value of an asset of the charity on the day (in this section referred to as the ``valuation day'') that is 120 days before the day on which notice of the Minister's intention to revoke its registration is mailed,
	B is the total of all amounts each of which is the amount of a gift for which it issued a receipt described in subsection 110.1(2) or 118.1(2) in the period (in this section referred to as the ``winding-up period'') that begins on the valuation day and ends immediately before the payment day, or an amount received by it in the winding-up period from a registered charity,
	C is the total of all amounts each of which is the fair market value, at the time of the transfer, of an asset transferred by it in the winding-up period to a qualified donee,
	D is the total of all amounts each of which is expended by it in the winding-up period on charitable activities carried on by it,
	E is the total of all amounts each of which is paid by it in the winding-up period in respect of its debts that were outstanding on the valuation day and not included in determining the value of D, and
	F is the total of all amounts each of which is a reasonable expense incurred by it in the winding-up period and not included in determining the value of D; and
	(b) file with the Minister a return in prescribed form and containing prescribed information, without notice or demand therefor.
Idem	(2) A person (other than a qualified donee) who, after the valuation day of a charity, receives an amount from the charity is jointly and severally liable with the charity for the tax payable under subsection (1) by the charity in an amount not exceeding the amount by which the total of all such amounts so received by the person exceeds the total of all amounts each of which is
	(a) a portion of such an amount that is included in determining an amount in the description of C, D, E or F in subsection (1) in respect of the charity; or
	(b) the consideration given by the person in respect of such an amount.
	(2) Subsection (1) applies where the registration of a charity is revoked pursuant to a notice of intention to revoke its registration that is mailed after 1992.
	85. (1) The portion of subsection 189(6) of the Act before paragraph (a) is replaced by the following:
Taxpayer to file return and pay tax	(6) Every taxpayer who is liable to pay tax under this Part (except a charity that is liable to pay tax under section 188(1)) for a taxation year shall, on or before the day on or before which the taxpayer is, or would be if tax were payable by the taxpayer under Part I for the year, required to file a return of income or an information return under Part I for the year,
	(2) Paragraph 189(6)(c) of the Act is replaced by the following:
	(c) pay to the Receiver General the amount of tax payable by the taxpayer under this Part for the year.
	(3) Subsections (1) and (2) apply after 1992.
	86. (1) The definition ``long-term debt'' in subsection 190(1) of the Act is replaced by the following:
``long-term debt'' « passif à long terme »	``long-term debt'' means
	(a) in the case of a bank, its subordinated indebtedness (within the meaning assigned by section 2 of the Bank Act) evidenced by obligations issued for a term of not less than 5 years,
	(b) in the case of an insurance corporation, its subordinated indebtedness (within the meaning assigned by section 2 of the Insurance Companies Act) evidenced by obligations issued for a term of not less than 5 years, and
	(c) in the case of any other corporation, its subordinated indebtedness (within the meaning that would be assigned by section 2 of the Bank Act if the definition of that expression in that section were applied with such modifications as the circumstances require) evidenced by obligations issued for a term of not less than 5 years;
	(2) Subsection 190(1) of the Act is amended by adding the following in alphabetical order:
``reserves'' « réserves »	``reserves'', in respect of a financial institution for a taxation year, means the amount at the end of the year of all of the institution's reserves, provisions and allowances (other than allowances in respect of depreciation or depletion) and, for greater certainty, includes any provision in respect of deferred taxes.
	(3) Subsection 190(2) of the Act is replaced by the following:
Application of ss. 181(3) and (4)	(2) Subsections 181(3) and (4) apply to this Part with such modifications as the circumstances require.
	(4) Subsection (1) applies after May 31, 1992.
	(5) Subsections (2) and (3) apply to the 1992 and subsequent taxation years.
	87. (1) Section 190.1 of the Act is amended by adding the following after subsection (1):
Additional tax payable by life insurance corporations	(1.1) Every life insurance corporation that carries on business in Canada at any time in a taxation year shall pay a tax under this Part for the year, in addition to any tax payable under subsection (1), equal to 1% of the amount determined by the formula
	(A - B) x C 365
	where
	A is its taxable capital employed in Canada for the year;
	B is its capital allowance for the year; and
	C is the number of days in the year that are after February 25, 1992 and before 1996.
	(2) Subsection (1) applies to taxation years that end after February 25, 1992 and, where a corporation elects under paragraph 88(2)(b), to its 1991 and subsequent taxation years, in which case
	(a) the reference in subsection 190.1(1.1) of the Act, as enacted by subsection (1), to ``February 25, 1992'' shall be read as ``the day immediately before the first day of the corporation's first taxation year that ends after 1990''; and
	(b) notwithstanding subsections 152(4) to (5) of the Act, such assessments and determinations in respect of any taxation year shall be made as are consequential on the application of subsection (1) to the corporation's taxation years that end before February 26, 1992.
	(3) Where
	(a) a corporation elected under subsection 111(2) of An Act to amend the Income Tax Act, the Canada Pension Plan, the Income Tax Conventions Interpretation Act, the Tax Rebate Discounting Act, the Unemployment Insurance Act and certain related Acts, being chapter 24 of the Statutes of Canada, 1993, and
	(b) the corporation does not elect under paragraph 88(2)(b),
	for the purpose of determining the corporation's unused Part I tax credit for the 1991 taxation year, subsection 190.1(5) of the Income Tax Act shall be read as follows:
	(5) For the purpose of computing the amount that may, because of paragraph (3)(b), be deducted by a corporation in computing its tax payable under this Part for a particular taxation year, in respect of its tax payable under Part I for a taxation year ending in 1991, and for the purposes of subsections (4) and (6), the corporation's ``unused Part I tax credit'' for the 1991 taxation year is the lesser of
	(a) the amount, if any, by which its tax payable under Part I for the 1991 taxation year exceeds the amount that would, but for subsection (3), be its tax payable under this Part for that year, and
	(b) its tax payable under this Part (determined without reference to subsections (1.1) and (3)) for the particular year.
	88. (1) Subparagraph 190.11(b)(i) of the Act is replaced by the following:
	(i) that proportion of the amount, if any, by which the total of
	(A) its taxable capital for the year, and
	(B) the amount prescribed for the year in respect of the corporation
	exceeds
	(C) the amount prescribed for the year in respect of the corporation
	that its Canadian reserve liabilities as at the end of the year is of the total of