Income Tax Act — I-3.3 152
here is no such amount, and shall send a notice of the determination to the taxpayer. COVID-19 — notice of determination (3.4) The Minister may at any time determine the amount deemed by any of subsections 125.7(2) to (2.2) to be an overpayment on account of a taxpayer’s liability under this Part that arose during a qualifying period (as defined in subsection 125.7(1)), or determine that there is no such amount, and send a notice of the determination to the taxpayer. Clean electricity — notice of determination (3.5) On receipt of a prescribed form referred to in subsection 127.491(2) from an entity that is described in any of paragraphs (b) to (i) of the definition qualifying corporation in subsection 127.491(1), the Minister shall, with all due dispatch, determine the amount of the entity’s clean electricity investment tax credit under paragraph 127.491(2)(b), or determine that there is no such amount, and shall send a notice of the determination to the entity. Assessment and reassessment (4) The Minister may at any time make an assessment, reassessment or additional assessment of tax for a taxation year, interest or penalties, if any, payable under this Part by a taxpayer or notify in writing any person by whom a return of income for a taxation year has been filed that no tax is payable for the year, except that an assessment, reassessment or additional assessment may be made after the taxpayer’s normal reassessment period in respect of the year only if (a) the taxpayer or person filing the return (i) has made any misrepresentation that is attributable to neglect, carelessness or wilful default or has committed any fraud in filing the return or in supplying any information under this Act, or (ii) has filed with the Minister a waiver in prescribed form within the normal reassessment period for the taxpayer in respect of the year; (b) the assessment, reassessment or additional assessment is made before the day that is 3 years after the end of the normal reassessment period for the taxpayer in respect of the year and (i) is required under subsection (6) or (6.1), or would be so required if the taxpayer had claimed an amount by filing the prescribed form referred to in the subsection on or before the day referred to in the subsection, (ii) is made as a consequence of the assessment or reassessment pursuant to this paragraph or subsection 152(6) of tax payable by another taxpayer, (iii) is made (A) as a consequence of a transaction (as defined in subsection 247(1)) involving the taxpayer and a non-resident person with whom the taxpayer was not dealing at arm’s length, or (B) in respect of any income, loss or other amount in relation to a foreign affiliate of the taxpayer, (iii.1) is made, if the taxpayer is non-resident and carries on a business in Canada, as a consequence of (A) an allocation by the taxpayer of revenues or expenses as amounts in respect of the Canadian business (other than revenues and expenses that relate solely to the Canadian business, that are recorded in the books of account of the Canadian business, and the documentation in support of which is kept in Canada), or (B) a notional transaction between the taxpayer and its Canadian business, where the transaction is recognized for the purposes of the computation of an amount under this Act or an applicable tax treaty. (iv) is made as a consequence of a payment or reimbursement of any income or profits tax to or by the government of a country other than Canada or a government of a state, province or other political subdivision of any such country, (v) is made as a consequence of a reduction under subsection 66(12.73) of an amount purported to be renounced under section 66, (v.1) is made in respect of an amount deducted under subsection 127(5) in respect of a flow-through critical mineral mining expenditure as defined in subsection 127(9), (vi) is made in order to give effect to the application of subsection 118.1(15) or 118.1(16), (vii) is made to give effect to