Income Tax Act — I-3.3 152
r, in order to take into account the application of paragraph (d) of the definition excluded property in subsection 142.2(1), or the application of subsection 142.6(1.6), in respect of property held by the taxpayer, if (a) the taxpayer has filed for the particular taxation year the return of income required by section 150; and (b) the taxpayer files with the Minister a prescribed form amending the return, on or before the filing-due date for the taxpayer’s taxation year that (i) if the filing is in respect of paragraph (d) of that definition excluded property , includes the acquisition of control time referred to in that paragraph, and (ii) if the filing is in respect of subsection 142.6(1.6), immediately follows the particular taxation year. Reassessment for section 119 credit (6.3) If a taxpayer has filed for a particular taxation year the return of income required by section 150 and an amount is subsequently claimed by the taxpayer, or on the taxpayer’s behalf, for the particular year as a deduction under section 119 in respect of a disposition in a subsequent taxation year, and the taxpayer files with the Minister a prescribed form amending the return on or before the filing-due date of the taxpayer for the subsequent taxation year, the Minister shall reassess the taxpayer’s tax for any relevant taxation year (other than a taxation year preceding the particular taxation year) in order to take into account the deduction claimed. Assessment not dependent on return or information (7) The Minister is not bound by a return or information supplied by or on behalf of a taxpayer and, in making an assessment, may, notwithstanding a return or information so supplied or if no return has been filed, assess the tax payable under this Part. Assessment deemed valid and binding (8) An assessment shall, subject to being varied or vacated on an objection or appeal under this Part and subject to a reassessment, be deemed to be valid and binding notwithstanding any error, defect or omission in the assessment or in any proceeding under this Act relating thereto. Alternative basis for assessment (9) At any time after the normal reassessment period, the Minister may advance an alternative basis or argument — including that all or any portion of the income to which an amount relates was from a different source — in support of all or any portion of the total amount determined on assessment to be payable or remittable by a taxpayer under this Act unless, on an appeal under this Act (a) there is relevant evidence that the taxpayer is no longer able to adduce without the leave of the court; and (b) it is not appropriate in the circumstances for the court to order that the evidence be adduced. Tax deemed not assessed (10) Notwithstanding any other provision of this section, an amount of tax is deemed, for the purpose of any agreement entered into by or on behalf of the Government of Canada under section 7 of the Federal-Provincial Fiscal Arrangements Act , not to have been assessed under this Act until (a) the end of the period during which the security is accepted by the Minister, if adequate security for the tax is accepted by the Minister under subsection 220(4.5) or (4.6); or (b) the amount is collected by the Minister, if information relevant to the assessment of the amount was provided to the Canada Revenue Agency under a contract entered into by a person under a program administered by the Canada Revenue Agency to obtain information relating to tax non-compliance. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 152; 1994, c. 7, Sch. II, s. 125, Sch. VII, s. 15, Sch. VIII, s. 90, c. 8, s. 20, c. 21, s. 76; 1995, c. 3, s. 46; 1996, c. 21, s. 39; 1998, c. 19, ss. 42, 181; 1999, c. 22, s. 63.1; 2000, c. 19, s. 44; 2001, c. 17, s. 149; 2002, c. 8, s. 184; 2005, c. 19, s. 36; 2007, c. 35, s. 48; 2009, c. 2, s. 58; 2010, c. 25, s. 38; 2011, c. 15, s.