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127. (1) Section 211.4 of the Act is
replaced by the following:
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| 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.
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(2) Subsection (1) applies to taxation
years that begin after June 2003.
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128. (1) The portion of subsection 219(1)
of the Act before paragraph (a) is replaced
by the following:
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| Additional tax
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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
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(2) Subsection (1) applies to taxation
years that begin after June 2003.
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129. (1) Subsection 220(3) of the Act is
replaced by the following:
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| Extensions for
returns
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(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.
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(2) Subsection (1) applies in respect of
extensions granted after February 18, 2003.
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Excise Act, 2001
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130. (1) On the later of the coming into
force of subsection 100(1) of this Act and
section 382 of the Excise Act, 2001, being
chapter 22 of the Statutes of Canada, 2002
(the ``other Act''), section 78 of the Excise
Tax Act is replaced by the following:
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| Determination
of fiscal
months
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78. (1) The fiscal months of a person shall
be determined in accordance with the
following rules:
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(a) if fiscal months of the person have been
determined under subsection 243(2) or (4)
for the purposes of Part IX, each of those
fiscal months is a fiscal month of the person
for the purposes of this Act;
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(b) if fiscal months of the person have not
been determined under subsection 243(2) or
(4) for the purposes of Part IX, the person
may select for the purposes of this Act fiscal
months that meet the requirements set out in
subsection 243(2); and
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(c) if neither paragraph (a) nor paragraph
(b) applies, each calendar month is a fiscal
month of the person for the purposes of this
Act.
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| Notification
of Minister
|
(2) Every person who is required to file a
return shall notify the Minister of their fiscal
months in the prescribed form and manner.
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(2) On the later of the coming into force
of subsection 100(1) of this Act and section
383 of the other Act, section 79 of the Excise
Tax Act is replaced by the following:
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| Returns and
payments
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79. (1) Every person who is required to pay
tax under Part III and every person who holds
a licence granted under or in respect of that
Part shall, not later than the last day of the first
month after each fiscal month of the person,
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(a) file a return with the Minister, in the
prescribed form and manner, for that fiscal
month;
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(b) calculate, in the return, the total amount
of the tax payable, if any, by the person for
that fiscal month; and
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(c) pay that amount to the Receiver
General.
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| Authority for
extended
reporting
period
|
(2) Despite subsection (1), the Minister may
authorize a person to file a return and pay tax
in respect of
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(a) any period longer than one fiscal month
but not more than six fiscal months, if the
tax payable by that person under Part III for
the preceding twelve fiscal months did not
exceed $4,800; or
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(b) any period longer than one fiscal month
but not more than six fiscal months, if
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(i) the activities of the person that give
rise to tax payable by that person under
Part III are predominantly limited to a
seasonal period of operation, and
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(ii) the tax payable by that person under
Part III for the equivalent period in the
preceding twelve fiscal months did not
exceed an average of $400 per fiscal
month during that equivalent period.
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| Filing of
return for
extended
reporting
period
|
(3) If the Minister authorizes a person under
subsection (2) to file a return and pay tax in
respect of a period longer than one fiscal
month, the person shall, not later than the last
day of the first month after the end of the
period, file the return and pay any tax owing.
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(3) On the later of the coming into force
of subsection 101(1) of this Act and
subsection 384(1) of the other Act, clause
79.1(1)(a)(i)(A) of the Excise Tax Act is
replaced by the following:
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(A) the tax payable under Part III,
other than tax payable in accordance
with the Customs Act, by that person in
that month, and
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(4) On the later of the coming into force
of subsection 101(1) of this Act and
subsection 384(2) of the other Act, clause
79.1(1)(a)(ii)(A) of the Excise Tax Act is
replaced by the following:
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(A) the tax payable under Part III,
other than tax payable in accordance
with the Customs Act, by that person in
that period, and
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(5) If subsection 101(1) of this Act comes
into force before, or on the same day as,
subsection 384(3) of the other Act, then, on
the day on which that subsection 101(1)
comes into force, that subsection 384(3) is
repealed.
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(6) On the later of the coming into force
of subsection 101(2) of this Act and
subsection 384(4) of the other Act,
subparagraph 79.1(1)(b)(ii) of the Excise
Tax Act is replaced by the following:
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(A) was, at any time in the last
preceding calendar year ending at least
ninety days, or ninety-one days if that
time falls in a leap year, before that
time, a member of a group of
associated corporations (within the
meaning of section 256 of the Income
Tax Act) and the aggregate amount of
taxes payable under Part III, other than
taxes payable in accordance with the
Customs Act, by the group in that year
exceeded twelve million dollars, and
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(B) is not, at that time, authorized
under subsection 79(2) to file a return
for a period longer than one fiscal
month.
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(7) If subsection 101(3) of this Act comes
into force before, or on the same day as,
subsection 384(5) of the other Act, then, on
the day on which that subsection 101(3)
comes into force, that subsection 384(5) is
repealed.
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