Income Tax Act — I-3.3 127.491
ural Resources. Minister’s determination (20) For the purpose of subsection (18), the Minister of Natural Resources shall review each of the compliance reports of a qualifying entity described in subsection (19) and the Minister may, in consultation with the Minister of Natural Resources, make a determination or redetermination of the actual emission intensity of the electrical energy produced by an entity’s qualified natural gas energy system for any operating year during the compliance period of the system. Failure to report (21) Each taxpayer that fails to file a compliance report as required by subsection (19) is liable to a penalty, for each such failure, in an amount, not exceeding the total of all clean electricity investment tax credits deducted by the taxpayer in respect of the system, equal to the amount determined by the formula [(4% × A) ÷ 365] × B where A is the total of all amounts, each of which is the amount of a clean electricity investment tax credit in respect of the system deducted by the taxpayer for a taxation year that ended before the applicable date in subsection (19); and B is the number of days during which the failure continues. Certain related party transfers (22) Subsections (16) and (17) do not apply to a qualifying entity (in this subsection referred to as the “transferor”) that disposes of a property to another qualifying entity (in this subsection referred to as the “purchaser”) that is related to the transferor if the purchaser acquired the property in circumstances where the property would be clean electricity property to the purchaser but for paragraph (c) of that definition. Certain related party transfers — recapture deferred (23) If subsection (22) applies, subsection 127(34) applies with such modifications as the circumstances require, including that the reference to subsection 127(33) be read as a reference to subsection 127.‍491(22). Recapture event reporting requirement (24) If subsection (16) or (22) applies to a qualifying entity for a particular year, the entity shall notify the Minister in prescribed form and manner on or before the entity’s filing-due date for the year. Information return — partnerships (25) If subsections (26) and (27) apply with respect to the property of a partnership for a particular fiscal period, the partnership shall notify the Minister in prescribed form and manner on or before the day when a return is required by section 229 of the Income Tax Regulations to be filed in respect of the period. Recapture and recovery — partnerships (26) Subject to section 127.47, if subsection (12) has at any time applied to add an amount in computing the clean electricity investment tax credit of a current or former member of a partnership, then for the purposes of this Part, subsections (16) to (18) and (23) shall apply to determine amounts in respect of the partnership as if the partnership were a taxable Canadian corporation, its fiscal period were its taxation year and it had deducted all of the clean electricity investment tax credits that were previously added in computing the clean electricity investment tax credit of any member of the partnership under subsection (2) because of the application of subsection (12) in respect of its partnership interest. Member’s share of tax (27) Unless subsection (28) applies, if, in a taxation year, a taxpayer is a member of a partnership, the amount that can reasonably be considered to be the taxpayer’s share of any amount of tax determined because of subsection (26) in respect of the partnership for its fiscal period ending in the taxation year shall be added to the taxpayer’s tax otherwise payable under this Part for the taxation year. Election by member to pay tax (28) A taxable Canadian corporation that is a member of a partnership during a fiscal period of the partnership may elect, in prescribed form and manner, to add to its tax payable under this Part for its taxation year that includes the end of the fiscal period the to