21. (1) Subsection 153(2) of the Act is repealed.
	(2) Subsection (1) applies to the 1995 and subsequent taxation years.
	(3) In its application to the 1994 taxation year, subsection 153(2) of the Act shall be read as follows:
	(2) Subject to sections 155, 156 and 156.1, where amounts have been deducted or withheld under this section from the remuneration or other payments received by an individual in a taxation year, if the total of the remuneration and other payments from which such amounts have been deducted or withheld and which the individual had received in the year is equal to or greater than 3/4 of the individual's income for the year, the individual shall, on or before the individual's balance-due day for the year, pay to the Receiver General the remainder of the individual's tax for the year as estimated under section 151.
	22. (1) Subsection 155(1) of the Act is replaced by the following:
Farmers and fishermen	155. (1) Subject to section 156.1, every individual whose chief source of income for a taxation year is farming or fishing shall, on or before December 31 in the year, pay to the Receiver General in respect of the year, 2/3 of
	(a) the amount estimated by the individual to be the tax payable under this Part by the individual for the year, or
	(b) the individual's instalment base for the preceding taxation year.
	(2) Subsection (1) applies to the 1994 and subsequent taxation years.
	23. (1) The portion of subsection 156(1) of the Act before paragraph (a) is replaced by the following:
Other individuals	156. (1) Subject to section 156.1, in respect of each taxation year every individual (other than one to whom section 155 applies for the year) shall pay to the Receiver General
	(2) The portion of subsection 156(1) of the Act after paragraph (b) is repealed.
	(3) Subsection (1) applies to amounts that become payable after June 1994.
	(4) Subsection (2) applies to the 1994 and subsequent taxation years.
	24. (1) Section 156.1 of the Act is replaced by the following:
Definitions	156.1 (1) For the purposes of this section,
``instalment threshold'' « plafond des acomptes provisionnels »	``instalment threshold'' of an individual for a taxation year means
	(a) in the case of an individual resident in the Province of Quebec at the end of the year, $1,200, and
	(b) in any other case, $2,000;
``net tax owing'' « impôt net à payer »	``net tax owing'' by an individual for a taxation year means
	(a) in the case of an individual resident in the Province of Quebec at the end of the year, the amount determined by the formula
	A - C - D
	and
	(b) in any other case, the amount determined by the formula
	A + B - C - E
	where
	A is the total of the income taxes payable by the individual for the year under this Part and Part I.1,
	B is the total of all income taxes payable by the individual for the year under any Act of a province with which the Minister of Finance has entered into an agreement for the collection of income taxes payable by individuals to the province under that Act,
	C is the total of all income taxes deducted or withheld under section 153 on behalf of the individual for the year,
	D is the amount determined under subsection 120(2) in respect of the individual for the year, and
	E is the total of all income taxes deducted or withheld on behalf of the individual for the year under any Act of a province with which the Minister of Finance has entered into an agreement for the collection of income taxes payable by individuals to the province under that Act,
	and for the purposes of this definition, income taxes payable for a taxation year by an individual are determined after deducting all tax credits to which the individual is entitled for the year relating to those taxes (other than tax credits that become payable to the individual after the individual's balance-due day for the year and prescribed tax credits) and before taking into consideration amounts referred to in subparagraphs 161(7)(a)(ii) to (v).
No instalment required	(2) Sections 155 and 156 do not apply to an individual for a particular taxation year where
	(a) the individual's chief source of income for the particular year is farming or fishing and the individual's net tax owing for the particular year, or either of the 2 preceding taxation years, does not exceed the individual's instalment threshold for that year; or
	(b) the individual's net tax owing for the particular year, or for each of the 2 preceding taxation years, does not exceed the individual's instalment threshold for that year.
Idem	(3) Sections 155 and 156 do not require the payment of any amount in respect of an individual that would otherwise become due under either of those sections on or after the day on which the individual dies.
Payment of remainder	(4) Every individual shall, on or before the individual's balance-due day for each taxation year, pay to the Receiver General in respect of the year the amount, if any, by which the individual's tax payable under this Part for the year exceeds the total of
	(a) all amounts deducted or withheld under section 153 from remuneration or other payments received by the individual in the year, and
	(b) all other amounts paid to the Receiver General on or before that day on account of the individual's tax payable under this Part for the year.
	(2) Subsections 156.1(1) to (3) of the Act, as enacted by subsection (1), apply to amounts that become payable after June 1994.
	(3) Subsection 156.1(4) of the Act, as enacted by subsection (1), applies to the 1994 and subsequent taxation years.
	25. (1) Subsection 160.1(3) of the Act is replaced by the following:
Liability for excess refunds under section 126.1 to partners	(2.2) Every taxpayer who, on the day on which an amount has been refunded to, or applied to the liability of, a member of a partnership as a consequence of the operation of subsection 126.1(7) or (13) in excess of the amount to which the member was so entitled, is a member of that partnership is jointly and severally liable with each other taxpayer who on that day is a member of the partnership to pay the excess and to pay interest on the excess, but nothing in this subsection shall be deemed to limit the liability of any person under any other provision of this Act.
Assessment	(3) The Minister may at any time assess a taxpayer in respect of any amount payable by the taxpayer because of subsection (1) or (1.1) or for which the taxpayer is liable because of subsection (2.1) or (2.2), and this Division applies, with such modifications as the circumstances require, in respect of an assessment made under this section as though it were made under section 152.
	(2) Subsection (1) applies to the 1993 and subsequent taxation years.
	26. (1) Subsection 163(2) of the Act is amended by striking out the word ``and'' at the end of paragraph (c.1) and by adding the following after paragraph (c.1):
	(c.2) the amount, if any, by which
	(i) the amount that would be deemed under section 126.1 to be an overpayment on account of the person's liability under this Part for the year if the amount were calculated by reference to the information provided
	exceeds
	(ii) the amount that is deemed under section 126.1 to be an overpayment on account of the person's liability under this Part for the year, and
	(2) The portion of subsection 163(2.2) of the Act before paragraph (a) is replaced by the following:
False statement or omission	(2.2) Every person who, knowingly or under circumstances amounting to gross negligence, has made or has participated in, assented to or acquiesced in the making of, a false statement or omission in any renunciation that is effective as of a particular date and that is made under any of subsections 66(10) to (10.3), (12.6), (12.601), (12.62) and (12.64) is liable to a penalty of 25% of the amount, if any, by which
	(3) Subsection (1) applies after 1992.
	27. (1) Section 164 of the Act is amended by adding the following after subsection (1.5):
Refund of UI premium tax credit	(1.6) Notwithstanding subsection (1), where an overpayment on account of a taxpayer's liability under this Part is deemed to have arisen under subsection 126.1(6) or (7), the Minister shall, with all due dispatch, refund the amount of the overpayment without application for it.
Limitation of repayment on objections and appeals	(1.7) Subsection (1.1) does not apply in respect of an amount paid or security furnished under section 116 by a non-resident person.
	(2) The portion of subsection 164(3) of the Act before paragraph (a) is replaced by the following:
Interest on refunds and repayments	(3) Where under this section an amount in respect of a taxation year (other than an amount or portion thereof that can reasonably be considered to arise from the operation of section 122.5, 122.61 or 126.1) is refunded or repaid to a taxpayer or applied to another liability of the taxpayer, the Minister shall pay or apply interest on it at the prescribed rate for the period beginning on the day that is the latest of
	(3) Subsection 164(1.6) of the Act, as enacted by subsection (1), and subsection (2) apply after 1992.
	28. (1) Subsections 180.1(1.2) and (1.3) of the Act are replaced by the following:
Deduction from tax	(1.2) There may be deducted from the tax otherwise payable under this Part for a taxation year by an individual the amount, if any, by which the amount determined under paragraph 127(5)(a) in respect of the individual for the year exceeds the amount, if any, deducted under subsection 127(5) for the year by the individual other than an amount deemed by subsection (1.3) to be so deducted.
Idem	(1.3) For the purposes of this Act, the amount deducted under subsection (1.2) for a taxation year shall be deemed to be an amount deducted under subsection 127(5) for the year.
	(2) Subsection (1) applies to taxation years that begin after 1993.
	29. (1) Paragraph (a) of the definition ``eligible investment'' in section 204.8 of the Act is replaced by the following:
	(a) a share that was issued to the particular corporation and that is a share of the capital stock of a corporation that was an eligible business entity at the time the share was issued,
	(2) Section 204.8 of the Act is amended by adding the following in alphabetical order:
``specified individual'' « particulier déterminé »	``specified individual'', in respect of a share, means an individual (other than a trust) whose labour-sponsored funds tax credit for a taxation year would take into account the amount of consideration paid to acquire, or to subscribe for, the share if the information return described in paragraph 204.81(6)(c) in respect of the share were filed as required under paragraph 127.4(3)(b).
	(3) Subsections (1) and (2) apply after December 2, 1992.
	30. (1) The portion of paragraph 204.81(1)(c) of the English version of the Act before subparagraph (i) is replaced by the following:
	(c) the articles of the corporation provide that
	(2) The portion of clause 204.81(1)(c)(ii)(A) of the Act before subclause (I) is replaced by the following:
	(A) Class A shares that are issuable only to individuals (other than trusts) and trusts governed by registered retirement savings plans, that entitle their holders
	(3) The portion of clause 204.81(1)(c)(ii)(A) of the English version of the Act after subclause (III) is repealed.
	(4) Subparagraphs 204.81(1)(c)(v) to (vii) of the Act are replaced by the following:
	(v) subject to the provision described in subparagraph (vi), the corporation may redeem a Class A share in respect of which an information return described in paragraph (6)(c) has been issued only if
	(A) where the share is held by the specified individual in respect of the share, a spouse or former spouse of that individual or a trust governed by a registered retirement savings plan or registered retirement income fund under which that individual or spouse is the annuitant,
	(I) a request in writing to redeem the share is made by the holder to the corporation within 60 days after the day on which the share was issued to the original purchaser and the information return referred to in paragraph (6)(c) has been returned to the corporation,
	(II) the corporation is notified in writing that the specified individual in respect of the share has retired from the workforce or ceased to be resident in Canada, or
	(III) the corporation is notified in writing that the specified individual in respect of the share became disabled and permanently unfit for work or terminally ill after the share was issued,
	(B) there is no specified individual in respect of the share,
	(C) the time of redemption is on or after the day on which the specified individual in respect of the share attained, or would, but for death, have attained the age of 65 years,
	(D) the corporation is notified in writing that the share is held by a person on whom the share has devolved as a consequence of the death of
	(I) a holder of the share, or
	(II) an annuitant under a trust governed by a registered retirement savings plan or registered retirement income fund that was a holder of the share,
	(E) the redemption occurs more than 5 years after the day on which the share was issued, or
	(F) the holder of the share has satisfied such other conditions as are prescribed,
	(vi) unless a Class A share has been issued and outstanding for at least 2 years, the corporation shall not be permitted to redeem the share solely because the specified individual in respect of the share attains 65 years of age or the corporation is notified that the specified individual
	(A) has retired from the workforce, or
	(B) has ceased to be resident in Canada,
	(vii) the corporation shall not register a transfer of a Class A share by the specified individual in respect of the share, a spouse of the specified individual or a trust governed by a registered retirement savings plan or registered retirement income fund under which the specified individual or spouse is the annuitant, unless