Income Tax Act — I-3.3 157
 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 corporation for the taxation year (determined before taking into consideration the specified future tax consequences for the year) is equal to or less than $3,000; or (b) the corporation’s first instalment base for the year is equal to or less than $3,000. Reduced instalments (3) Notwithstanding subsection (1) and (1.5), the amount payable under subsection (1) or (1.5) for a taxation year by a corporation to the Receiver General on or before the last day of any month in the year is deemed to be the amount, if any, by which (a) the amount so payable as determined under that subsection for the month exceeds (b) where the corporation is neither a mutual fund corporation nor a non-resident-owned investment corporation, 1/12 of the corporation’s dividend refund (within the meaning assigned by subsection 129(1)) for the year, (c) if the corporation is a mutual fund corporation, 1/12 of the total of (i) the corporation’s capital gains refund (within the meaning assigned by section 131) for the year, and (ii) the amount that, because of subsection 131(5) or (11), is the corporation’s dividend refund (within the meaning assigned by section 129) for the year, (d) where the corporation is a non-resident-owned investment corporation, 1/12 of the corporation’s allowable refund (within the meaning assigned by section 133) for the year, and (e) 1/12 of the total of the amounts each of which is deemed by subsection 125.4(3), 125.5(3), 125.6(2) or (2.1), 127.1(1), 127.41(3), 127.44(2), 127.45(2), 127.48(2), 127.49(2) or 127.491(2) to have been paid on account of the corporation’s tax payable under this Part for the year. Amount of payment — three-month period (3.1) Notwithstanding subsection (1.1), the amount payable under subsection (1.1) for a taxation year by a corporation to the Receiver General on or before the last day of any period in the year is deemed to be the amount, if any, by which (a) the amount so payable as determined under that subsection for the period exceeds the total of (b) 1/4 of the corporation’s dividend refund (within the meaning assigned by subsection 129(1)) for the taxation year, and (c) 1/4 of the total of the amounts each of which is deemed by subsection 125.4(3), 125.5(3), 125.6(2) or (2.1), 127.1(1), 127.41(3), 127.44(2), 127.45(2), 127.48(2), 127.49(2) or 127.491(2) to have been paid on account of the corporation’s tax payable under this Part for the taxation year. Definitions (4) In this section, first instalment base and second instalment base of a corporation for a taxation year have the meanings prescribed by regulation. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 157; 1994, c. 7, Sch. II, s. 130, Sch. VI, s. 7, Sch. VIII, s. 94; 1995, c. 3, s. 47; 1996, c. 21, s. 41; 1997, c. 25, s. 49; 1998, c. 19, s. 184; 2001, c. 17, s. 153; 2002, c. 9, s. 41; 2003, c. 15, s. 115; 2007, c. 35, s. 51; 2009, c. 2, s. 59; 2013, c. 34, s. 311, c. 40, s. 69 2019, c. 29, s. 34 2021, c. 23, s. 42 2024, c. 15, s. 49 2024, c. 17, s. 58 2024, c. 17, s. 80 2026, c. 3, s. 74