Income Tax Act — I-3.3 80.04
 objection to tax payable under this Part for a taxation year in which that fiscal period ends. Related corporations (8) Where at any time a corporation becomes related to another corporation and it can reasonably be considered that the main purpose of the corporation becoming related to the other corporation is to enable the corporations to file an agreement under this section, the amount specified in the agreement shall be deemed to be nil for the purpose of the description of C in subsection 80(13). Assessment of taxpayers in respect of agreement (9) The Minister shall, notwithstanding subsections 152(4) to 152(5), assess or reassess the tax, interest and penalties payable under this Act by any taxpayer in order to take into account an agreement filed under this section. Liability of debtor (10) Without affecting the liability of any person under any other provision of this Act, where a debtor and an eligible transferee file an agreement between them under this section in respect of an obligation issued by the debtor that was settled at any time, the debtor is, to the extent of 30% of the amount specified in the agreement, liable to pay (a) where the transferee is a corporation, all taxes payable under this Act by it for taxation years that end in the period that begins at that time and ends 4 calendar years after that time; (b) where the transferee is a partnership, the total of all amounts each of which is the tax payable under this Act by a person for a taxation year (i) that begins or ends in that period, and (ii) that includes the end of a fiscal period of the partnership during which the person was a member of the partnership; and (c) interest and penalties in respect of such taxes. Joint and several, or solidary, liability (11) If taxes, interest and penalties are payable under this Act by a person for a taxation year and those taxes, interest and penalties are payable by a debtor because of subsection (10), the debtor and the person are jointly and severally, or solidarily, liable to pay those amounts. Assessments in respect of liability (12) Where a debtor and an eligible transferee file an agreement between them under this section in respect of an obligation issued by the debtor that was settled at a particular time, (a) where the debtor is an individual or a corporation, the Minister may at any subsequent time assess the debtor in respect of taxes, interest and penalties for which the debtor is liable because of subsection (10); and (b) where the debtor is a partnership, the Minister may at any subsequent time assess any person who has been a member of the partnership in respect of taxes, interest and penalties for which the partnership is liable because of subsection (10), to the extent that those amounts relate to taxation years of the transferee (or, where the transferee is another partnership, members of the other partnership) that end at or after (i) where the person was not a member of the partnership at the particular time, the first subsequent time the person becomes a member of the partnership, and (ii) in any other case, the particular time. Application of Division I (13) The provisions of Division I apply to an assessment under subsection (12) as though it had been made under section 152. Partnership members (14) For the purposes of paragraphs (10)(b) and (12)(b) and this subsection, where at any time a member of a particular partnership is another partnership, each member of the other partnership shall be deemed to be a member of the particular partnership at that time. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1995, c. 21, s. 27; 1998, c. 19, s. 113; 2013, c. 34, ss. 119(E), 214, c. 40, s. 37; 2014, c. 39, s. 16