Income Tax Act — I-3.3 18.2
e loss corporation for its taxation year, and (ii) transferred capacity of a financial institution group entity for one of its taxation years; (h) an amended election has not been filed in accordance with this section; (i) where the election is an amended election, (i) the following conditions are met: (A) in the absence of any assessment, the condition set out in paragraph (e) would be met in respect of a prior election under this subsection made by the transferor and transferee for their respective taxation years, and (B) subsection (9) does not apply to a tax benefit in respect of a prior election for the taxation year of the transferor or transferee, or (ii) the Minister grants permission to amend the prior election under subsection (5); and (j) the transferee files an information return in accordance with subsection (6) for the calendar year in which the transferee’s taxation year ends. Late or amended election (5) The Minister may extend the time for making an election, or grant permission to amend an election, under subsection (4) if (a) the transferor and the transferee demonstrate to the satisfaction of the Minister that (i) the transferor, the transferee and each other eligible group entity in respect of the transferor and transferee made reasonable efforts to determine all amounts that may reasonably be considered relevant in making the election, and (ii) the election or amended election, as the case may be, is filed as soon as circumstances permit; and (b) in the opinion of the Minister, the circumstances are such that it would be just and equitable to permit the election to be made or amended. Summary — cumulative unused excess capacity transfers (6) If one or more elections are filed under subsection (4), in which amounts are designated as received capacity of a particular transferee for a taxation year ending in a calendar year, the particular transferee shall file with the Minister for the calendar year an information return in prescribed form within six months after the end of the calendar year in respect of (a) each such election; and (b) each election filed under subsection (4) for a taxation year ending in the calendar year, by any other transferee that is an eligible group entity in respect of the particular transferee at the end of the other transferee’s taxation year. Summary — filing by designated filer (7) For the purposes of this section, if any taxpayer is required to file an information return for a calendar year under subsection (6), the taxpayer is deemed to have filed the information return if (a) an information return under subsection (6) is filed for the calendar year by any other taxpayer (in this subsection referred to as the “designated filer” in respect of the taxpayer for the year) that is an eligible group entity in respect of the taxpayer at the end of the taxpayer’s taxation year ending in the calendar year; and (b) the taxpayer jointly elects, with each other transferee described in paragraph (6)(b), to designate under this paragraph the designated filer to be a designated filer in respect of the taxpayer and each other transferee for the calendar year. Assessment (8) If an election or an amended election has been made under subsection (4), the Minister shall, notwithstanding subsections 152(4) and (5), assess or reassess the tax, interest or penalties payable under this Act by any taxpayer for any relevant taxation year as is necessary to give effect to the election or amended election. Anti-avoidance — group status (9) If, at any time, a particular taxpayer is, becomes or ceases to be an eligible group entity, in respect of another taxpayer, a financial institution group entity or a financial holding corporation and it may reasonably be considered, having regard to all the circumstances, that one of the main purposes of the particular taxpayer being, becoming or ceasing to be an eligible group entity, in respect of the other taxpayer, a financial institution group entity or a financi