Income Tax Act — I-3.3 125.7
ticular qualifying period described in any of paragraphs (a) to (c) of the definition qualifying period in subsection (1), then the eligible entity is deemed to meet the conditions of that paragraph in respect of the immediately following qualifying period; or (b) a lower revenue reduction percentage is determined in respect of an eligible entity for a particular qualifying period described in any of paragraphs (c.2) to (d) of the definition qualifying period in subsection (1) than for the immediately preceding qualifying period, then the revenue reduction percentage in respect of the eligible entity for the particular qualifying period is deemed to be equal to its revenue reduction percentage for the immediately preceding qualifying period. Special case (9.1) For the purposes of paragraph (9)(b), if the particular qualifying period is the eleventh qualifying period, then the immediately preceding qualifying period is deemed to be the ninth qualifying period. Greater of wage and recovery subsidies (9.2) For a qualifying period, (a) if the amount of any deemed overpayment under subsection (2) is equal to or greater than the amount of any deemed overpayment under subsection (2.2), the amount of any deemed overpayment under subsection (2.2) is deemed to be nil; and (b) if the amount of any deemed overpayment under subsection (2.2) is greater than the amount of any deemed overpayment under subsection (2), the amount of any deemed overpayment under subsection (2) is deemed to be nil. Amending or revoking elections (10) An eligible entity may amend or revoke an election made under this section on or before the date that the application is due for the first qualifying period in respect of which the election is made. Affiliated entities (11) For the purposes of the description of E in subsection (2.1), if two eligible entities are affiliated with the same eligible entity, they are deemed to be affiliated with each other. Deeming rule — qualifying rent expense (12) For the purposes of the definition qualifying rent expense in subsection (1), an amount is deemed to have been paid by an eligible entity on the date it first became due under an agreement, and not at a later date, if the individual referred to in paragraph (b) of the definition qualifying renter in subsection (1) attests that the eligible entity intends to pay the amount due under the agreement no later than 60 days after the day on which the Minister makes the first refund under subsection 164(1.6) in respect of the amount deemed to have been paid (referred to in subsection (13) as the “payment deadline”). Deeming rule — qualifying rent expense (13) Subsection (12) is deemed not to have produced its effect if the amount due referred to in subsection (12) is not actually paid on or before the payment deadline. Executive compensation (14) The amount of a refund made by the Minister to an eligible entity in respect of a deemed overpayment under subsection (2) on a particular date under subsection 164(1.6), in respect of any of the seventeenth qualifying period to the twenty-third qualifying period, is deemed to be an amount that has been refunded to the eligible entity on that particular date (for the taxation year in which the refund was made) in excess of the amount to which the eligible entity was entitled as a refund under this Act to the extent of the lesser of the amount of the refund and the amount determined by the formula A − B where A is the executive compensation repayment amount of the eligible entity; and B is the total of all amounts deemed to be an excess refund to the eligible entity under this subsection in respect of refunds made after the particular date. Executive compensation (14.1) The amount of a refund made by the Minister to an eligible entity in respect of a deemed overpayment under subsection (2) on a particular date under subsection 164(1.6), in respect of any of the twenty-fourth qualifying period and any subsequent qualifying period, is deemed to