82 (1) If a return required to be delivered by a corporation under section 75 for a taxation year is delivered within four years from the end of the taxation year, the Minister, (a) may, upon mailing the notice of assessment for the taxation year, without application from the corporation, refund or pay the overpayment, if any, in respect of the taxation year, in the amount determined by the Minister to be the overpayment as of the day the Minister makes the determination; and (b) subject to subsection (3), shall refund or pay the overpayment, if any, in respect of the taxation year in the amount determined by the Minister to be the overpayment as of the day the Minister makes the determination, after mailing the notice of assessment, if the corporation has applied for the refund or payment in writing within the period determined under clause 80 (11) (b) or (c), as the case may be, for that taxation year.  R.S.O. 1990, c. C.40, s. 82 (1); 1994, c. 14, s. 40 (1); 2004, c. 16, s. 2 (2). Idem (2) Where a corporation has paid instalments of tax in accordance with clause 78 (2) (a) in respect of a taxation year, the Minister may make a refund of such instalments prior to making his assessment under section 80 if application therefor has been made in writing by the corporation.  R.S.O. 1990, c. C.40, s. 82 (2); 2004, c. 16, s. 2 (2). Application to other liabilities (3) Instead of making a refund or payment under this section, if the corporation is liable or is about to become liable to make a payment under this Act or under any other Act administered by the Minister which imposes tax or is prescribed by the regulations, the Minister may apply the amount of the overpayment to the liability and, in such case, the Minister shall notify the corporation that such action was taken.  1994, c. 14, s. 40 (2); 2004, c. 16, s. 2 (2). Interest allowed (4) Interest at the rate prescribed by the regulations shall be calculated and allowed daily to a corporation on the surplus in the corporation’s tax account for a taxation year, for each day there is a surplus in the tax account after the end of the instalment period for the taxation year.  1994, c. 14, s. 40 (3); 2004, c. 16, s. 2 (2). Interest, after objection or appeal (5) Where, by a decision made under section 84 or 92 or by a court, it is finally determined that the tax payable under this Act by a corporation for a taxation year is less than the amount assessed under section 80 to which the objection was made or from which the appeal was taken, and as a result of the decision there is a surplus in the corporation’s tax account for a taxation year or in the corporation’s instalment account for a taxation year, the interest rate prescribed by the regulations for the purposes of this subsection, and not the rate prescribed for the purposes of subsection (4) or 83 (1), as the case may be, shall be used to determine the amount of interest for the purposes of those subsections, for each day that the surplus in the account is attributable to the decision.  1994, c. 14, s. 40 (3); 2004, c. 16, s. 2 (2). No interest until return delivered (6) Despite subsection (4), if a return for a taxation year is delivered after the day on which it is required to be delivered, no interest shall be allowed for the period from the day the return was required to be delivered to the day after the day the return is delivered to the Minister.  1994, c. 14, s. 40 (3); 2004, c. 16, s. 2 (2). Surplus in tax account defined (7) For the purposes of this Part, the surplus, if any, in a corporation’s tax account for a taxation year on a particular day is the amount by which, (a) the total of, (i) the amounts determined as of the particular day under subclauses 79 (2) (b) (i), (iii) and (iv) in respect of the taxation year, and (ii) the interest allowed under subsection (4) in respect of the taxation year during the period after the end of the instalment period for the taxation year but before the particular day, exceeds, (b) the amount determined as of the particular day under clause 79 (2) (a) in respect of the taxation year.  1994, c. 14, s. 40 (3); 2004, c. 16, s. 2 (2). Overpayment defined (8) For the purposes of subsection (1), an overpayment in respect of a taxation year of a corporation as of a particular day is an amount equal to the surplus as of that day in the corporation’s tax account for the taxation year as determined under this section, except that, (a) when determining the amount included under clause (7) (b), the amount determined under subclause 79 (2) (a) (iii) shall not include either, (i) the overpayment being determined, or (ii) any refunds made under section 46 or 48 in respect of the taxation year; and (b) subclause (7) (a) (i) shall be read without reference to subclause 79 (2) (b) (iv).  1994, c. 14, s. 40 (5); 2004, c. 16, s. 2 (2). Interest off-set (9) Despite subsections (4) and 83 (1), (a) the total interest allowed to a corporation on the surplus in its instalment account and in its tax account for a taxation year for the period from the first day of the instalment period for the taxation year to the day the most recent assessment or reassessment for the taxation year is made (in this subsection called the “assessment date”) shall be the amount, if any, by which, (i) the amount determined under subclause 79 (9) (a) (ii) in respect of the corporation for the taxation year, exceeds, (ii) the amount determined under subclause 79 (9) (a) (i) in respect of the corporation for the taxation year; and (b) the total interest allowed to a corporation on the surplus in its tax account for a taxation year for each statement period after the assessment date referred to in clause (a) shall be the amount, if any, by which the total interest allowed under subsection (4) for the particular statement period exceeds the total interest charged and payable for the statement period under subsection 79 (1).  1994, c. 14, s. 40 (5); 2004, c. 16, s. 2 (2). Amended election (10) Despite subsection 1 (5.2) and subsections (4) and 83 (1), if the Minister has made an assessment or reassessment under subsection 80 (22) with respect to a particular taxation year, no interest shall be allowed under subsection (4) or 83 (1), to the extent that the interest is attributable to the assessment or reassessment made under subsection 80 (22), for the period before the day the application referred to in subsection 80 (22) was made to the Minister of National Revenue under subsection 220 (3.2) of the Income Tax Act (Canada).  1994, c. 14, s. 40 (6); 2004, c. 16, s. 2 (2). Recovery of excess refund (11) If an amount in respect of a taxation year has been refunded or paid to a corporation under this Act or applied by the Minister to another liability of the corporation and the Minister subsequently determines that the amount refunded, paid or applied exceeded the amount to which the corporation was entitled under this Act, (a) the amount of the excess shall be a liability of the corporation under this Act from the date the amount was refunded, paid or applied and the Minister may assess the corporation in respect thereof; and (b) the provisions of Part V apply with necessary modifications to such assessment as though the assessment were made under subsection 80 (11).  1994, c. 14, s. 40 (7); 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 1994, c. 14, s. 40 (1, 3, 5) - 01/08/1995; 1994, c. 14, s. 40 (2, 4, 7) - 23/06/1994; 1994, c. 14, s. 40 (6) - 17/12/1991; 1996, c. 1, Sched. B, s. 14 - 23/02/1994 2004, c. 16, s. 2 (2)
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