Income Tax Act — I-3.3 157
fore the day on or before which the returns were required to be filed, all returns that were required to be filed under this Act or under Part IX of the Excise Tax Act. Taxable income — small-CCPC (1.3) The amount determined under this subsection in respect of a corporation for a particular taxation year is (a) if the corporation is not associated with another corporation in the particular taxation year, the amount that is the corporation’s taxable income for the particular taxation year; or (b) if the corporation is associated with another corporation in the particular taxation year, the amount that is the total of all amounts each of which is the taxable income of the corporation for the particular taxation year or the taxable income of a corporation with which it is associated in the particular taxation year for a taxation year of that other corporation that ends in the particular taxation year. Taxable capital — small-CCPC (1.4) The amount determined under this subsection in respect of a corporation for a particular taxation year is (a) if the corporation is not associated with another corporation in the particular taxation year, the amount that is the corporation’s taxable capital employed in Canada (for the purpose of this subsection, within the meaning assigned by section 181.2 or 181.3, as the case may be) for the particular taxation year; or (b) if the corporation is associated with another corporation in the particular taxation year, the amount that is the total of all amounts each of which is the taxable capital employed in Canada of the corporation for the particular taxation year or the taxable capital employed in Canada of a corporation with which it is associated in the particular taxation year for a taxation year of that other corporation that ends in the particular taxation year. No longer a small-CCPC (1.5) Notwithstanding subsection (1), where a corporation, that has remitted amounts in accordance with subsection (1.1), ceases at any particular time in a taxation year to be eligible to remit in accordance with subsection (1.1), the corporation shall pay to the Receiver General, the following amounts for the taxation year, (a) on or before the last day of each month, in the taxation year, that ends after the particular time, either (i) the amount determined by the formula (A - B)/C where A is the total of the amounts estimated by the corporation to be the taxes payable by it under this Part and Parts VI, VI.1 and XIII.1 for the taxation year, B is the total of all payments payable by the corporation in the taxation year in accordance with subsection (1.1), and C is the number of months that end in the taxation year and after the particular time, or (ii) the total of (A) the amount determined by the formula (A - B)/C where A is the corporation’s first instalment base for the taxation year, B is the total of all payments payable by the corporation in the taxation year in accordance with subsection (1.1), and C is the number of months that end in the taxation year and after the particular time; and (B) the amount obtained when the estimated tax payable by the corporation, if any, under Parts VI and XIII.1 for the taxation year is divided by the number of months that end in the taxation year and after the particular time; and (b) the remainder of the taxes payable by it under this Part and Parts VI, VI.1 and XIII.1 for the taxation year on or before its balance-due day for the year. Application to SIFT trusts (2) Subsections (1), (2.1) and (4) apply to a SIFT trust with any modifications that the circumstances require. $3,000 threshold (2.1) A corporation may, instead of paying the instalments required for a taxation year by paragraph (1)(a) or by subsection (1.1), pay to the Receiver General, under paragraph (1)(b), the total of the taxes payable by it under this Part and Parts VI, VI.1 and XIII.1 for the taxation year, if (a) the total of the taxes payable under this Part and Parts VI, VI.1 and XIII.1 by the co