Income Tax Act — I-3.3 153
153(1) from any payment to the taxpayer shall be deemed to be the total of (a) the amount, if any, otherwise required to be deducted or withheld under that subsection from that payment, and (b) the amount specified by the taxpayer in that election with respect to that payment or with respect to a class of payments that includes that payment. Reduction not permitted (1.3) A joint election made or expected to be made under section 60.03 is not to be considered a basis on which the Minister may determine a lesser amount under subsection (1.1). Non-cash stock option benefit (1.31) An amount deemed to have been received as a benefit under or because of any of paragraphs 7(1)(a) to (d.1) shall not be considered a basis on which the Minister may determine a lesser amount under subsection (1.1) solely because it is received as a non-cash benefit. Exception — remittance to designated financial institution (1.4) For the purpose of subsection (1), a prescribed person referred to in that subsection is deemed to have remitted an amount to the account of the Receiver General at or through a designated financial institution if the prescribed person has remitted the amount to the Receiver General at least one day before the day upon which the amount is due. Deemed withholding (2) If a pensioner and a pension transferee (as those terms are defined in section 60.03) make a joint election under section 60.03 in respect of a split-pension amount (as defined in that section) for a taxation year, the portion of the amount deducted or withheld under subsection (1) that may be reasonably considered to be in respect of the split-pension amount is deemed to have been deducted or withheld on account of the pension transferee’s tax for the taxation year under this Part and not on account of the pensioner’s tax for the taxation year under this Part. Deemed effect of deduction (3) When an amount has been deducted or withheld under subsection 153(1), it shall, for all the purposes of this Act, be deemed to have been received at that time by the person to whom the remuneration, benefit, payment, fees, commissions or other amounts were paid. Amounts paid in error (3.1) For the purposes of this Act, an amount (referred to in this subsection as the “excess amount”) is deemed to not have been deducted or withheld under subsection (1) by a person if (a) the excess amount was, absent the application of this subsection, deducted or withheld by the person under subsection (1); (b) the excess amount is in respect of an excess payment (referred to in this subsection as the “total excess payment”) of an individual’s salary, wages or other remuneration by the person to the individual in a particular year, that was paid as a result of a clerical, administrative or system error; (c) before the end of the third year after the calendar year in which the excess amount is deducted or withheld, (i) the person elects in prescribed manner to have this subsection apply in respect of the excess amount, and (ii) the individual has repaid, or made an arrangement to repay, the total excess payment less the excess amount; (d) an information return correcting for the total excess payment has not been issued by the person to the individual prior to the making of the election in subparagraph (c)(i); and (e) any additional criteria specified by the Minister have been met. Unclaimed dividends, interest and proceeds (4) Where at the end of a taxpayer’s taxation year the person beneficially entitled to an amount received by the taxpayer after 1984 and before the year as or in respect of dividends, interest or proceeds of disposition of property is unknown to the taxpayer, the taxpayer shall remit to the Receiver General on or before the day that is 60 days after the end of the year on account of the tax payable under this Act by that person an amount equal to (a) in the case of dividends, 33 1/3% of the total amount of the dividends, (b) in the case of interest, 50% of the total amount of th