Income Tax Act — I-3.3 133
 so paid or applied exceeds the interest, if any, computed in respect of the amount that is determined at the subsequent time to be the allowable refund shall be deemed to be an amount (in this subsection referred to as the “amount payable”) that became payable under this Part by the corporation at the particular time; (b) the corporation shall pay to the Receiver General interest at the prescribed rate on the amount payable, computed from the particular time to the day of payment; and (c) the Minister may at any time assess the corporation in respect of the amount payable and, where the Minister makes such an assessment, the provisions of Divisions I and J apply, with such modifications as the circumstances require, in respect of the assessment as though it had been made under section 152. Election re capital gains dividend (7.1) Where at any particular time after 1971 a dividend has become payable by a non-resident-owned investment corporation to shareholders of any class of shares of its capital stock, if the corporation so elects in respect of the full amount of the dividend, in prescribed manner and prescribed form and at or before the particular time or the first day on which any part of the dividend was paid if that day is earlier than the particular time, the following rules apply: (a) the dividend shall be deemed to be a capital gains dividend to the extent that it does not exceed the corporation’s capital gains dividend account immediately before the particular time; and (b) any amount received by another non-resident-owned investment corporation in a taxation year as, on account or in lieu of payment of, or in satisfaction of the capital gains dividend shall not be included in computing its income for the year. Simultaneous dividends (7.2) Where a dividend becomes payable at the same time on more than one class of shares of the capital stock of a non-resident-owned investment corporation, for the purposes of subsection 133(7.1), the dividend on any such class of shares shall be deemed to become payable at a different time than the dividend on the other class or classes of shares and to become payable in the order designated (a) by the corporation on or before the day on or before which the election described in subsection 133(7.1) is required to be filed; or (b) in any other case, by the Minister. Application of ss. 131(1.1) to (1.4) (7.3) Where at any particular time a non-resident-owned investment corporation paid a dividend to its shareholders and subsection 133(7.1) would have applied to the dividend except that the corporation did not make an election under that subsection on or before the day on or before which it was required by that subsection to be made, subsections 131(1.1) to 131(1.4) apply with such modifications as the circumstances require. Definitions (8) In this section, allowable refund of a non-resident-owned investment corporation for a taxation year means the total of amounts each of which is an amount in respect of a taxable dividend paid by the corporation in the year on a share of its capital stock, determined by the formula A/B × C where A is the corporation’s allowable refundable tax on hand immediately before the dividend was paid, B is the greater of the amount of the dividend so paid and the corporation’s cumulative taxable income immediately before the dividend was paid, and C is the amount of the dividend so paid; ( remboursement admissible ) Canadian property means (a) taxable Canadian property, and (b) any other property not being foreign property within the meaning assigned by section 206; ( biens canadiens ) capital gains dividend account of a non-resident-owned investment corporation at any particular time means the amount determined by the formula A - B where A is the total of the following amounts in respect of the period commencing January 1, 1972 and ending immediately after the corporation’s last taxation year ending before the particular time: (a) the corporation’s capital ga