80 (1) The Minister shall, with all due dispatch, (a) examine each return delivered under section 75; (b) assess the tax for the taxation year and the interest and penalties payable, if any, on the basis of the corporation’s return for the taxation year; (b.1) determine the total of the amounts, if any, deemed under any of sections 43.2 to 43.13 to be paid on account of the corporation’s tax payable under this Act for the taxation year; and (c) determine the amount of refund, if any, to which the corporation may be entitled by virtue of section 46 or 48 for the taxation year.  R.S.O. 1990, c. C.40, s. 80 (1); 1996, c. 1, Sched. B, s. 13 (1, 2); 1996, c. 24, s. 30; 1997, c. 43, Sched. A, s. 46 (1); 1998, c. 5, s. 23; 1998, c. 34, s. 55 (1, 2); 2004, c. 16, s. 2 (2); 2004, c. 31, Sched. 9, s. 40 (1). Determination of losses (2) Where the Minister determines that the amount of a corporation’s non-capital loss, net capital loss, restricted farm loss, farm loss or limited partnership loss for the taxation year is different from the amount reported by the corporation in its return of income for that taxation year, the Minister shall, if requested by the corporation, notify the corporation without undue delay of the amount determined to be such loss.  R.S.O. 1990, c. C.40, s. 80 (2); 2004, c. 16, s. 2 (2). Notice of determination (3) Where at any time the Minister ascertains the tax consequences to a corporation under section 5 with respect to a transaction, the Minister may determine any amount that is relevant for the purposes of computing the amount of the tax consequences and send to the corporation with all due dispatch a notice of determination stating the amount so determined.  R.S.O. 1990, c. C.40, s. 80 (3); 2004, c. 16, s. 2 (2). No determination for prior years (4) A determination of an amount shall not be made under subsection (3) at a time where the amount is relevant only for the purposes of computing the tax consequences to a corporation for a taxation year ending before the time.  R.S.O. 1990, c. C.40, s. 80 (4); 2004, c. 16, s. 2 (2). Provisions applicable (5) Paragraphs 56 (1) (l) and 60 (o) of the Income Tax Act (Canada), as those paragraphs apply by virtue of sections 15 and 16, respectively, of this Act, and this Part, as they relate to an assessment or reassessment and to assessing tax and reassessing tax, apply with necessary modifications to a determination or redetermination and to determining and redetermining amounts under this Part, except that subsections (1) and (8) do not apply to determinations made under subsection (2) or (3) and, for greater certainty, an original determination of a corporation’s non-capital loss, net capital loss, restricted farm loss, farm loss or limited partnership loss for a taxation year may be made by the Minister only at the request of the corporation.  R.S.O. 1990, c. C.40, s. 80 (5); 2004, c. 16, s. 2 (2). Determination binding (6) For greater certainty, where the Minister makes a determination of the amount of a corporation’s non-capital loss, net capital loss, restricted farm loss, farm loss or limited partnership loss for a taxation year, as the case may be, subject to the corporation’s rights of objection and appeal in respect of the determination and subject to any redetermination by the Minister, the determination is binding on both the Minister and the corporation for the purposes of calculating the taxable income of the corporation in any other year.  R.S.O. 1990, c. C.40, s. 80 (6); 2004, c. 16, s. 2 (2). Determination binding (7) Subject to the corporation’s rights of objection and appeal in respect of the determination and to any redetermination made by the Minister, a determination made by the Minister under subsection (3) with respect to a corporation is binding on both the Minister and the corporation for the purpose of calculating the tax consequences to the corporation for any taxation year.  R.S.O. 1990, c. C.40, s. 80 (7); 2004, c. 16, s. 2 (2). Notice of assessment (8) After examination of a return, the Minister shall send, by mail or by registered mail or deliver by personal service a notice of assessment to the corporation that delivered the return.  R.S.O. 1990, c. C.40, s. 80 (8); 2004, c. 16, s. 2 (2). Continuation of liability for tax (9) Liability for tax imposed by this Act is not affected by an incorrect or incomplete assessment or by the fact that no assessment has been made.  R.S.O. 1990, c. C.40, s. 80 (9); 2004, c. 16, s. 2 (2). Normal re-assessment period (10) For the purposes of this section, the normal re-assessment period for a corporation in respect of a taxation year is, (a) if at the end of the year the corporation is a mutual fund corporation or a corporation other than a Canadian-controlled private corporation, the period that ends five years after the day of mailing of a notice of an original assessment in respect of the corporation for the year or the day of mailing of a notification that no tax is payable by the corporation for the year; or (b) in any other case, the period that ends four years after the day of mailing of a notice of an original assessment in respect of the corporation for the year or the day of mailing of a notification that no tax is payable by the corporation for the year.  R.S.O. 1990, c. C.40, s. 80 (10); 1994, c. 14, s. 38 (1); 2004, c. 16, s. 2 (2). When assessment may issue (11) The Minister may at any time assess tax, interest or penalties, or notify in writing any person who has delivered a return for a taxation year that no tax is payable for the taxation year, and may reassess or make additional assessments or assess tax, interest or penalties, as the circumstances require, (a) at any time, if the corporation, or a person delivering a return for the taxation year or acting on its behalf, (i) has made any misrepresentation that is attributable to neglect, carelessness or wilful default or has committed any fraud in filing a return or in supplying any information under this Act, (ii) has failed to deliver a return for the taxation year as required under this Act, (iii) has been negligent in supplying or in failing to supply any information required under this Act, (iv) has filed with the Minister a waiver in the form approved by the Minister on or before the later of, (A) the expiry of the normal re-assessment period for the corporation in respect of the taxation year, and (B) the latest day such a waiver could be filed under this Act for any previous taxation year, (v) has filed a waiver under the Income Tax Act (Canada) within the time and in the form required by subsection 152 (4) of that Act, or (vi) has claimed a deduction under paragraph 20 (1) (s) of the Income Tax Act (Canada) as made applicable for the purposes of this Act for the taxation year; (b) before the day that is three years after the expiration of the normal reassessment period for the corporation in respect of the taxation year where, (i) the assessment, reassessment or additional assessment is required under subsection (16) or (16.1) or would be required if the corporation had claimed an amount by filing the written request referred to in that subsection on or before the day referred to in that subsection, (ii) as a consequence of a transaction involving the corporation and a non-resident person with whom it was not dealing at arm’s length, there is reason to assess or reassess the corporation’s tax for any relevant taxation year, (iii) as a consequence of an additional payment or reimbursement of any income or profits tax to or by the government of a country other than Canada, there is reason to assess or reassess the corporation’s tax for any relevant taxation year, (iii.1) the corporation is a non-resident that carries on business in Canada through a permanent establishment and the assessment, reassessment, additional assessment or notification is made for a taxation year ending after December 31, 1999 as a consequence of, (A) an allocation by the corporation of revenues or expenses as amounts in respect of the Canadian business (other than revenue and expenses that relate solely to the Canadian business, that are recorded in the books of account of the Canadian business, and the documentation in support of which is kept in Canada), or (B) a notional transaction between the corporation and its Canadian business, where the transaction is recognized for the purpose of the computation of an amount under this Act, (iv) subsection 5.1 (2) or (5), 29.1 (6) or (7) or 31.1 (6) or (7) applies to the corporation, or to a partnership of which the corporation is a member, in respect of a disposition or acquisition of property in the taxation year, (v) subsection 34 (10.3) applies to the corporation for the taxation year, or (vi) section 5.2 or 5.3 applies to the corporation for the taxation year; and (c) in any other case, on or before the later of, (i) the expiry of the normal reassessment period for the corporation in respect of the taxation year, and (ii) the latest day on which a reassessment, additional assessment or assessment can be made under any predecessor of this clause for any previous taxation year.  R.S.O. 1990, c. C.40, s. 80 (11); 1992, c. 3, s. 16; 1994, c. 14, s. 38 (2); 1996, c. 1, Sched. B, s. 13 (5); 1997, c. 19, s. 4 (3); 1997, c. 43, Sched. A, s. 46 (2); 1998, c. 34, s. 55 (3); 1999, c. 9, s. 95 (1); 2001, c. 23, s. 53 (1, 2); 2004, c. 16, s. 2 (2); 2006, c. 33, Sched. G, s. 7 (1). When assessment may issue (12) Where the Minister is authorized to issue an assessment under subsection (11) by reason only that the corporation has filed a waiver under subclause (11) (a) (iv) or (v), the Minister may not issue an assessment later than one year after the date on which the corporation has, (a) filed a notice of revocation of the waiver in the form approved by the Minister, where the waiver was filed under subclause (11) (a) (iv); or (b) filed with the Minister a copy of the notice of revocation of the waiver filed under subsection 152 (4.1) of the Income Tax Act (Canada), where the waiver was filed with the Minister of National Revenue under subsection 152 (4) of that Act.  R.S.O. 1990, c. C.40, s. 80 (12); 1997, c. 19, s. 4 (3); 2004, c. 16, s. 2 (2). Deemed assessment (13) Where a corporation is exempt under subsection 75 (5) from the requirement to deliver a return under subsection 75 (1) for the taxation year, an original notice of assessment shall be deemed, for the purposes of subsection (11), to be sent to the corporation on the day that is six months after the end of the taxation year.  R.S.O. 1990, c. C.40, s. 80 (13); 2004, c. 16, s. 2 (2). Exception (14) Subsection (13) does not apply if the Minister sends an original notice of assessment to the corporation for the taxation year within fifty-four months after the end of the taxation year.  R.S.O. 1990, c. C.40, s. 80 (14); 2004, c. 16, s. 2 (2). Limitation (15) A reassessment, an additional assessment or an assessment may be made under clause (11) (b) after the normal reassessment period for the corporation in respect of the taxation year only to the extent that it may reasonably be regarded as relating to, (a) a written request under subsection (16) or (16.1); (b) the transaction referred to in subclause (11) (b) (ii); (c) the additional payment or reimbursement referred to in subclause (11) (b) (iii); (c.1) the allocation or notional transaction referred to in subclause (11) (b) (iii.1); (d) dispositions and acquisitions of property referred to in subclause (11) (b) (iv); (e) designations referred to in subsection 34 (10.3); or (f) the deduction or claim referred to in section 5.2 or 5.3.  R.S.O. 1990, c. C.40, s. 80 (15); 1998, c. 34, s. 55 (4); 1999, c. 9, s. 95 (2); 2001, c. 23, s. 53 (3); 2004, c. 16, s. 2 (2); 2006, c. 33, Sched. G, s. 7 (2). Reassessment for loss carried back (16) If a corporation has delivered the return required by section 75 for a particular taxation year and, within three years after the day on or before which it was required to deliver the return, has delivered to the Minister a written request that the Minister permit any of the following deductions, the Minister shall reassess the tax payable by the corporation for any relevant taxation year, other than a taxation year preceding the particular taxation year, in order to take into account the deduction claimed: 1. A deduction under section 41 of the Income Tax Act (Canada), as made applicable by section 14 of this Act, in respect of the corporation’s listed-personal-property loss for a subsequent taxation year. 2. A deduction under section 111 of the Income Tax Act (Canada), as made applicable by section 34 of this Act, in respect of a loss for a subsequent taxation year.  2006, c. 33, Sched. G, s. 7 (3). Reassessment, reduction in amount included in income under s. 91 (1), Income Tax Act (Canada) (16.1) If there is a reduction in the amount included under subsection 91 (1) of the Income Tax Act
(Canada), as made applicable by subsection 30 (1) of this Act, in computing the income of a corporation for a particular taxation year, the Minister shall reassess the tax payable by the corporation for any relevant taxation year, other than a taxation year preceding the particular year, in order to take into account the reduction if, (a) the corporation has delivered the return required under section 75 for the particular taxation year; (b) the reduction is because of a reduction in the foreign accrual property income of a foreign affiliate of the corporation for a taxation year of the affiliate that ends in the particular year (in this subsection referred to as the affiliate’s “earlier year”), (i) that is attributable to the amount prescribed under the Income Tax Regulations (Canada) to be the deductible loss of the affiliate for the affiliate’s earlier year that arose in a subsequent taxation year of the affiliate that ends in a subsequent taxation year of the corporation, and (ii) that is included in the description of “F” in the definition of “foreign accrual property income” in subsection 95 (1) of the Income Tax Act (Canada), as it applies for the purposes of this Act, in respect of the affiliate for the affiliate’s earlier year; and (c) within three years after the day on or before which the corporation was required to deliver the return for the particular year, the corporation has delivered to the Minister a written request to amend the return to take into account the reduction in the foreign accrual property income.  2006, c. 33, Sched. G, s. 7 (3). Minister not bound by returns (17) The Minister is not bound by a return or information delivered by or on behalf of a corporation and may, despite a return or information so delivered or if no return or information has been delivered, assess the tax payable under this Act.  R.S.O. 1990, c. C.40, s. 80 (17); 2004, c. 16, s. 2 (2). Assessment valid and binding (18) An assessment, subject to being varied or vacated on an objection or appeal and subject to a reassessment, shall be deemed to be valid and binding despite any error, defect or omission therein or in any proceeding under this Act relating thereto.  R.S.O. 1990, c. C.40, s. 80 (18); 2004, c. 16, s. 2 (2). Collection of debt under Financial Administration Act (19) A debt due to the Crown by a corporation under section 8.1 of the Financial Administration Act in respect of a payment under this Act may be collected and enforced under this Act as if it were tax payable by the corporation for the taxation year to which the payment relates, but the Minister must first send written notice of the debt to the corporation by mail.  1994, c. 14, s. 38 (4); 2004, c. 16, s. 2 (2). Consequential assessment (20) Despite subsections (11) and (12), if the result of an assessment or decision on an appeal is to change a particular balance of a corporation for a particular taxation year, the Minister may, and if an officer of the corporation requests it in writing shall, before the later of the expiration of the normal reassessment period in respect of a subsequent taxation year and the period of one year after the day on which all rights of objection and appeal have expired or have been determined in respect of the particular taxation year, reassess the tax, interest, penalties and any other amounts payable under this Act by the corporation in respect of the subsequent taxation year, but only for the purpose of giving effect to any provision of this Act requiring the inclusion or allowing the deduction of an amount in computing the balance of the corporation for the subsequent year, to the extent that the inclusion or deduction can reasonably be considered to relate to the change in the particular balance of the corporation for the particular year.  2001, c. 23, s. 53 (4); 2004, c. 16, s. 2 (2). Same (21) For the purposes of subsection (20), a balance of a corporation for a taxation year includes the income, taxable income, taxable income earned in Canada, taxable paid-up capital, taxable paid-up capital employed in Canada or a loss of the corporation for the year, and an amount payable by or owing to the corporation under this Act for the year.  1994, c. 14, s. 38 (4); 2004, c. 16, s. 2 (2). Assessment consequential on election (22) Despite subsections (11), (12) and (15), where, under subsection 220 (3.2) of the Income Tax Act (Canada), the Minister of National Revenue has extended the time for making an election under that Act or has granted permission to amend or revoke an election made under that Act, the Minister shall make such assessment or reassessment of the tax, interest, penalties and any other amounts payable by the corporation in respect of any taxation year commencing before the day the application for the extension, amendment or revocation was made that is necessary to take into account the election, amended election or the revocation of the election, as the case may be.  1994, c. 14, s. 38 (4); 2004, c. 16, s. 2 (2). Same (23) Divisions B, D, E and F of Part V apply with necessary modifications in respect of assessments and reassessments made under subsection (22).  1994, c. 14, s. 38 (4); 2004, c. 16, s. 2 (2). Exception (24) Despite subsection (11), if requested by a corporation, the Minister shall make an assessment of tax, interest, penalties and any other amounts payable under this Act by the corporation in respect of a taxation year commencing after December 31, 1985 and ending before January 1, 1994 in order to allow a deduction to which the corporation is entitled under clause 62 (1) (e).  1994, c. 14, s. 38 (5); 2004, c. 16, s. 2 (2). Exception, reassessment (25) Despite subsections (11), (12) and (15), the Minister may reassess and make additional assessments or assess tax, interest or penalties in respect of any item that affects a corporation’s liability or potential liability under this Act and which can be reasonably regarded as relating to an assessment action carried out by a taxing authority in respect of the corporation, if the reassessment, additional assessment or assessment is made by the Minister on or before the day that is the later of, (a) the latest day on which a reassessment, additional assessment or assessment may be made under clause (11) (b) or (c); or (b) unless a waiver has been filed under subsection (26), the day that is 365 days after the date of notification of the assessment action carried out by the taxing authority.  1996, c. 29, s. 62 (1); 2004, c. 16, s. 2 (2). Exception, reassessment (25.1) Despite subsections (11), (12) and (15), the Minister may reassess and make additional assessments or assess tax, interest or penalties at any time to give effect to subsection 69 (11) of the Income Tax Act (Canada) as it applies for the purposes of this Act.  2001, c. 23, s. 53 (5); 2004, c. 16, s. 2 (2). Reassessment, illegal payments (25.2) Despite subsections (11), (12) and (15), the Minister may reassess and make additional assessments or assess tax, interest or penalties at any time in respect of any taxation year ending before or after this subsection comes into force to give effect to subsection 67.5 (1) of the Income Tax Act (Canada), as made applicable by subsection 26 (1) of this Act.  2006, c. 33, Sched. G, s. 7 (4). Waiver (26) A corporation may, (a) file a waiver with the Minister, in a form approved by the Minister, permitting the Minister to assess, reassess or make additional assessments under subsection (25) after the last date on which the Minister could otherwise assess, reassess or make additional assessments under that subsection; and (b) file with the Minister, in a form approved by the Minister, a revocation of a waiver previously filed under clause (a).  1996, c. 29, s. 62 (1); 2004, c. 16, s. 2 (2). Same (27) If a corporation has filed a revocation of a waiver under subsection (26), the Minister may not issue a notice of assessment or reassessment later than one year after the date on which the corporation filed the revocation of the waiver.  1996, c. 29, s. 62 (1); 2004, c. 16, s. 2 (2). Interpretation (28) For the purposes of subsection (25), (a) an assessment action carried out by a taxing authority means one or more of the following actions carried out by the Minister of National Revenue under the Income Tax Act
(Canada) or by the appropriate statutory authority under a statute of a province or territory of Canada that imposes a tax similar to a tax imposed under this Act, (i) an assessment, reassessment or additional assessment of tax, interest or penalties, (ii) a determination or redetermination of a loss or any other written notice of a change in a loss, (ii.1) a written notice that no tax is payable, (iii) the confirmation of an assessment, reassessment or additional assessment of tax, interest or penalties or of a determination or redetermination of a loss, (iv) a determination of the corporation’s entitlement to a refundable tax credit or other refund; (b) the date of notification of an assessment action carried out by a taxing authority is the day that is the later of, (i) the day that the Minister receives notification from the corporation of all items that affect the corporation’s liability or potential liability under this Act which can reasonably be regarded as relating to the assessment action, or if the Minister does not receive notification from the corporation, the day that the Minister receives notification of the assessment action from the taxing authority, and (ii) the ninetieth day after the day of mailing of a notice of the assessment action by the taxing authority to the corporation.  1996, c. 29, s. 62 (1); 2002, c. 22, s. 54; 2004, c. 16, s. 2 (2). Limit on consequential amendments (29) In assessing or reassessing the amount of a corporation’s tax, interest or penalties for a taxation year, or in determining the corporation’s losses for a taxation year, neither section 5.2 nor section 5.3 applies in respect of any other taxation year unless the Minister issues a notice of assessment or reassessment for that other taxation year to give effect to the amount deemed to have been deducted or claimed under section 5.2 or 5.3, as the case may be.  1999, c. 9, s. 95 (3); 2004, c. 16, s. 2 (2). Application of s. 160 of Income Tax Act (Canada) (30) Section 160 of the Income Tax Act (Canada) applies for the purposes of this Act, to the extent that the section applies in respect of corporations, with the following exceptions: 1. In the application of subsection 160 (2), a reference to “this Division” shall be read as a reference to Division C of this Part. 2. In the application of subsection 160 (2), a reference to “section 152” shall be read as a reference to this section.  2001, c. 23, s. 53 (5); 2004, c. 16, s. 2 (2); 2004, c. 31, Sched. 9, s. 40 (2). Section Amendments with date in force (d/m/y) 1992, c. 3, s. 16 - 25/06/1992; 1994, c. 14, s. 38 (1-5) - 23/06/1994; 1996, c. 1, Sched. B, s. 13 (1, 3) - 23/02/1994; 1996, c. 1, Sched. B, s. 13 (2, 4) - 01/01/1995; 1996, c. 1, Sched. B, s. 13 (5) - 31/12/1991; 1996, c. 24, s. 30 - 08/05/1996; 1996, c. 29, s. 62 (1, 2) - 09/12/1996; 1997, c. 19, s. 4 (3) - 10/10/1997; 1997, c. 43, Sched. A, s. 46 (1) - 07/05/1997; 1997, c. 43, Sched. A, s. 46 (2) - 18/12/1997; 1998, c. 5, s. 23 - 01/11/1997; 1998, c. 34, s. 55 (1) - 01/07/1998; 1998, c. 34, s. 55 (2) - 01/01/1999; 1998, c. 34, s. 55 (3, 4) - 18/12/1998; 1999, c. 9, s. 95 (1-3) - 14/12/1999 2001, c. 23, s. 53 (1, 3) - 01/01/2000; 2001, c. 23, s. 53 (2, 4, 5) - 05/12/2001 2002, c. 22, s. 54
- 30/10/2002 2004, c. 16, s. 2 (2)
- 01/01/2004; 2004, c. 31, Sched. 9, s. 40 (1, 2) - 16/12/2004 2006, c. 33, Sched. G, s. 7 (1-4) - 20/12/2006