Income Tax Act — I-3.3 161
mount stated to be the amount of the instalment payable by the individual for the year in the notice, if any, sent to the individual by the Minister, whichever method gives rise to the least amount required to be paid by the individual on or before that day. Limitation — other individuals (4.01) For the purposes of subsection 161(2) and section 163.1, where an individual is required to pay a part or instalment of tax for a taxation year computed by reference to a method described in subsection 156(1), the individual shall be deemed to have been liable to pay on or before each day referred to in subsection 156(1) a part or instalment computed by reference to (a) the amount, if any, by which (i) the tax payable under this Part by the individual for the year, determined before taking into consideration the specified future tax consequences for the year, exceeds (ii) the amounts deemed by subsections 120(2) and (2.2) to have been paid on account of the individual’s tax under this Part for the year, determined before taking into consideration the specified future tax consequences for the year, (b) the individual’s instalment base for the preceding taxation year, (c) the amounts determined under paragraph 156(1)(b) in respect of the individual for the year, or (d) the amounts stated to be the amounts of instalments payable by the individual for the year in the notices, if any, sent to the individual by the Minister, reduced by the amount, if any, determined under paragraph 156(2)(b) in respect of the individual for the year, whichever method gives rise to the least total amount of such parts or instalments required to be paid by the individual by that day. Limitation — corporations (4.1) For the purposes of subsection (2) and section 163.1, where a corporation is required to pay a part or instalment of tax for a taxation year computed by reference to a method described in subsection 157(1), (1.1) or (1.5), as the case may be, the corporation is deemed to have been liable to pay on or before each day on or before which subparagraph 157(1)(a)(i), (ii) or (iii), subparagraph 157(1.1)(a)(i), (ii) or (iii), or subparagraph 157(1.5)(a)(i) or (ii), as the case may be, requires a part or instalment to be made equal to the amount, if any, by which (a) the part or instalment due on that day computed in accordance with whichever allowable method in the circumstances gives rise to the least total amount of such parts or instalments of tax for the year, computed by reference to (i) the total of the taxes payable under this Part and Parts VI, VI.1 and XIII.1 by the corporation for the year, determined before taking into consideration the specified future tax consequences for the year, (ii) its first instalment base for the year, or (iii) its second instalment base and its first instalment base for the year, exceeds (b) the amount, if any, determined under any of paragraphs 157(3)(b) to (e) or under paragraph 157(3.1)(b) or (c), as the case may be, in respect of that instalment. (5) [Repealed, 2012, c. 19, s. 11] Income of resident from a foreign country in blocked currency (6) Where the income of a taxpayer for a taxation year, or part thereof, is from sources in another country and the taxpayer by reason of monetary or exchange restrictions imposed by the law of that country is unable to transfer it to Canada, the Minister may, if the Minister is satisfied that payment as required by this Part of the whole of the additional tax under this Part for the year reasonably attributable to income from sources in that country would impose extreme hardship on the taxpayer, postpone the time for payment of the whole or a part of that additional tax for a period to be determined by the Minister, but no such postponement may be granted if any of the income for the year from sources in that country has been (a) transferred to Canada, (b) used by the taxpayer for any purpose whatever, other than payment of income tax to the government of that other country on