Income Tax Act — I-3.3 129
ays after the day on which the corporation’s return of income under this Part for the year was filed under section 150, unless the return was filed on or before the day on or before which it was required to be filed, and ending on the day on which the refund is paid or applied. Excess interest on dividend refund (2.2) Where, at any particular time, interest has been paid to, or applied to a liability of, a corporation under subsection 129(2.1) in respect of a dividend refund and it is determined at a subsequent time that the dividend refund was less than that in respect of which interest was so paid or applied, (a) the amount by which the interest that was 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 dividend 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. (3) [Repealed, 2018, c. 12, s. 22] Application (3.1) Where, in a taxation year that begins after November 12, 1981, a corporation that last became a private corporation on or before that date and that was throughout the year a private corporation, other than a Canadian-controlled private corporation, has included in its income for the year an amount in respect of property that the corporation (a) disposed of before November 13, 1981, (b) was obligated to dispose of under the terms of an agreement in writing entered into before November 13, 1981, or (c) is deemed by subsection 44(2) to have disposed of at any time after November 12, 1981 because of an event referred to in paragraph (b), (c) or (d) of the definition proceeds of disposition in section 54 in respect of the disposition that occurred before November 13, 1981, paragraph 3(a) shall apply as if the corporation were a Canadian-controlled private corporation throughout the year, except that the total of the amounts determined under that paragraph in respect of the corporation for the year shall not exceed the amount that would be so determined if the only income of the corporation for the year were the amount included in respect of the disposition of such property. (3.2) to (3.5) [Repealed, 1996, c. 21, s. 32] Definitions (4) The definitions in this subsection apply in this section. aggregate investment income of a corporation for a taxation year means the amount, if any, by which the total of all amounts, each of which is (a) the amount, if any, by which (i) the eligible portion of the corporation’s taxable capital gains for the year exceeds the total of (ii) the eligible portion of its allowable capital losses for the year, and (iii) the amount, if any, deducted under paragraph 111(1)(b) in computing its taxable income for the year, or (b) the corporation’s income for the year from a source that is a property, other than (i) exempt income, (ii) an amount included under subsection 12(10.2) in computing the corporation’s income for the year, (iii) the portion of any dividend that was deductible in computing the corporation’s taxable income for the year, and (iv) income that, but for paragraph 108(5)(a), would not be income from a property, exceeds the total of all amounts, each of which is the corporation’s loss for the year from a source that is a property. ( revenu de placement total ) Canadian investment income [Repealed, 1996, c. 21, s. 32] eligible portion of a corporation’s taxable capital gains or allowable capital losses for a