116 (1) Subject to subsections (1.1) and (1.5), every corporation shall, in respect of each taxation year, pay to the Ontario Minister the following: 1. Instalments on account of tax payable under this Act in accordance with one of the following subparagraphs: i. on or before the last day of each month in the year, an amount equal to one-twelfth of the amount estimated by it to be the total of its taxes payable under this Act for the year, ii. on or before the last day of each month in the year, an amount equal to one-twelfth of its first instalment base for the year, or iii. on or before the last day of each of the first two months in the year, an amount equal to one-twelfth of its second instalment base for the year and on or before the last day of each of the following months in the year, an amount equal to one-tenth of the amount remaining after deducting the amount computed pursuant to this subparagraph in respect of the first two months from its first instalment base for the year. 2. The remainder of the taxes payable by it under this Act for the year on or before its balance-due day for the year.  2007, c. 11, Sched. A, s. 116 (1); 2008, c. 7, Sched. S, s. 32 (1). Exception, small-CCPC (1.1) A Canadian-controlled private corporation that is a small-CCPC may, in respect of each of its taxation years, pay its taxes under this Act to the Ontario Minister in the following manner: 1. The corporation shall pay instalments on account of tax payable under this Act for the year in accordance with one of the following subparagraphs: i. on or before the last day of each three-month period in the taxation year (or, if the period that remains in the taxation year after the end of the last three-month period is less than three months, on or before the last day of that remaining period), an amount equal to one-quarter of the amount estimated by it to be the total taxes payable by it under this Act for the year, ii. on or before the last day of each three-month period in the taxation year (or, if the period that remains in the taxation year after the end of the last three-month period is less than three months, on or before the last day of that remaining period), an amount equal to one-quarter of its first instalment base for the year, or iii. on or before the last day of the first period in the taxation year not exceeding three months, an amount equal to one-quarter of its second instalment base for the year and on or before the last day of each of the following three-month periods in the taxation year (or, if the period that remains in the taxation year after the end of the last three-month period is less than three months, on or before the last day of that remaining period), an amount equal to one-third of the amount by which its first instalment base for the year exceeds the amount payable on or before the last day of the first period in the year. 2. The corporation shall pay the remainder of the taxes payable by it under this Act for the year on or before its balance-due day for the year.  2008, c. 7, Sched. S, s. 32 (2). Interpretation, small-CCPC (1.2) For the purpose of subsection (1.1), a Canadian-controlled private corporation is a small-CCPC at a particular time during a taxation year if the following conditions are satisfied: 1. The amount determined under subsection (1.3) in respect of the corporation for the taxation year or for the previous taxation year does not exceed, i. $400,000 if the taxation year for which the instalments are to be made commences before March 26, 2010, or ii. the dollar amount set out in paragraph 157 (1.2) (a) of the Federal Act if the taxation year for which the instalments are to be made commences after March 25, 2010. 2. The amount determined under subsection (1.4) in respect of the corporation for the taxation year or for the previous taxation year does not exceed $10 million. 3. An amount is deducted under section 125 of the Federal Act in computing the corporation’s tax payable under the Federal Act for the taxation year or for the previous taxation year. 4. Throughout the 12-month period that ends at the time its last remittance under this section is due, the corporation has, i. remitted all amounts required to be remitted under subsection 153 (1) of the Federal Act, Part IX of the Excise Tax Act (Canada), subsection 82 (1) of the Employment Insurance Act (Canada) or subsection 21 (1) of the Canada Pension Plan (Canada), on or before the day on or before which each amount was required to be remitted, and ii. filed all returns that were required to be filed under the Federal Act or Part IX of the Excise Tax Act (Canada) on or before the day each of them was required to be filed.  2008, c. 7, Sched. S, s. 32 (2); 2010, c. 1, Sched. 29, s. 27 (1). Taxable income, small-CCPC (1.3) For the purposes of paragraph 1 of subsection (1.2), the amount is, (a) if the corporation is not associated with another corporation in the particular taxation year, the amount that is the corporation’s taxable income for the particular taxation year; or (b) if the corporation is associated with another corporation in the particular taxation year, the sum of all amounts each of which is the taxable income of the corporation for the particular taxation year or the taxable income of a corporation with which it is associated in the particular taxation year for a taxation year of that other corporation that ends in the particular taxation year.  2008, c. 7, Sched. S, s. 32 (2). Taxable capital, small-CCPC (1.4) For the purposes of paragraph 2 of subsection (1.2), the amount is, (a) if the corporation is not associated with another corporation in the particular taxation year, the amount that is the corporation’s taxable capital employed in Canada, within the meaning assigned by section 181.2 of the Federal Act, for the particular taxation year; or (b) if the corporation is associated with another corporation in the particular taxation year, the amount that is the sum of all amounts each of which is the taxable capital employed in Canada, within the meaning assigned by section 181.2 of the Federal Act, of the corporation for the particular taxation year or of a corporation with which it is associated in the particular taxation year for a taxation year of that other corporation that ends in the particular taxation year.  2008, c. 7, Sched. S, s. 32 (2). Ceases to be a small-CCPC during taxation year (1.5) Despite subsection (1), if a corporation has remitted amounts in accordance with subsection (1.1) and ceases at any time in a taxation year to be eligible to remit amounts in accordance with subsection (1.1), the corporation shall pay to the Ontario Minister, (a) the amount determined under subsection (1.6) on or before the last day of each month that ends in the taxation year and after the time it ceased to be eligible to remit amounts under subsection (1.1); and (b) the remainder of the taxes payable by it under this Act for the year on or before its balance-due day for the year.  2008, c. 7, Sched. S, s. 32 (2). Same (1.6) For the purposes of clause (1.5) (a), the amount is determined using either of the following formulae: (A – B)/C or, (D – B)/C in which, “A” is the sum of the amounts estimated by the corporation to be the taxes payable by it under this Act for the year, “B” is the sum of all amounts payable by the corporation for the year in accordance with subsection (1.1), “C” is the number of months that end in the taxation year and after the time it ceased to be eligible to remit amounts under subsection (1.1), and “D” is the corporation’s first instalment base for the taxation year. 2008, c. 7, Sched. S, s. 32 (2). Instalment bases (2) Subsection 157 (4) of the Federal Act applies for the purposes of this section.  2007, c. 11, Sched. A, s. 116 (2). Transitional (3) For the purposes of subsection (2), a reference in the Federal Act or Federal regulations that would be read, under subsection 1 (7), as a reference to tax payable under this Act for a taxation year ending before January 1, 2009 shall be read as a reference to the tax that would be payable under the Corporations Tax Act for that year if sections 43.3 to 43.13, 74 and 74.2 to 74.4 of that Act did not apply.  2007, c. 11, Sched. A, s. 116 (3). Payments if collection agreement in effect (4) If a collection agreement is in effect and a corporation pays amounts for a taxation year pursuant to a method described in subsection 157 (1), (1.1) or (1.5) of the Federal Act, the corporation shall use the corresponding method in paragraph 1 of subsection (1), paragraph 1 of subsection (1.1) or clause (1.5) (a), as the case may be, in determining the amounts payable for the year under subsection (1), (1.1) or (1.5) for the taxation year.  2008, c. 7, Sched. S, s. 32 (3). When no instalments required (5) Instead of paying the instalments required for a taxation year under paragraph 1 of subsection (1) or paragraph 1 of subsection (1.1), a corporation may pay to the Ontario Minister under paragraph 2 of subsection (1) the total of the taxes payable by it under this Act for the year if either of the following amounts is not more than $3,000: 1. The total amount of taxes payable under this Act by the corporation for the year, as determined before taking into consideration any specified future tax consequences for the year. 2. The corporation’s first instalment base for the year.  2007, c. 11, Sched. A, s. 116 (5); 2008, c. 7, Sched. S, s. 32 (4). Adjustments to instalment payments (6) Despite subsections (1), (1.1), (1.5) and (4), a corporation may reduce the amount otherwise payable by it under paragraph 1 of subsection (1), paragraph 1 of subsection (1.1) or clause (1.5) (a) on or before the last day of a period in a taxation year by the amount determined by multiplying the fraction determined under subsection (7) by the sum of, (a) the corporation’s Ontario capital gains refund for the year, as determined under Part VI; and (b) the amount deemed by section 84 to be paid on account of the corporation’s tax for the year.  2007, c. 11, Sched. A, s. 116 (6); 2008, c. 7, Sched. S, s. 32 (5). Same (7) For the purposes of subsection (6), the fraction is, (a) one-twelfth if paragraph 1 of subsection (1) or clause (1.5) (a) applies in respect of the period; or (b) one-quarter if paragraph 1 of subsection (1.1) applies in respect of the period.  2008, c. 7, Sched. S, s. 32 (6). If refund payable under Part V.2 or V.5 (8) In calculating any amount payable under this section in respect of a taxation year, a corporation shall not take into account the amount of any refund that may be payable to it under Part V.2 or V.5 in respect of the year.  2010, c. 1, Sched. 29, s. 27 (2). Section Amendments with date in force (d/m/y) 2008, c. 7, Sched. S, s. 32 (1-6) - 01/01/2008; 2008, c. 24, s. 6 - 10/12/2008 2010, c. 1, Sched. 29, s. 27 (1) - 26/03/2010; 2010, c. 1, Sched. 29, s. 27 (2) - 01/07/2010