28 (1) Repealed:  2011, c. 9, Sched. 7, s. 7. Rebate (2) Upon receipt of an application from an investment corporation that has paid a tax under subsection (1) in respect of a fiscal year, the Minister may rebate the tax without interest to the corporation if, (a) the application is received within three years after the end of the fiscal year in respect of which the tax was imposed; and (b) the Minister is satisfied that no later than the end of the second fiscal year ending after the fiscal year in respect of which the tax was imposed the investment corporation maintained throughout a full fiscal year and continues to maintain the level of eligible investments required by this Act to be maintained by the corporation.  1992, c. 18, s. 28 (2); 1997, c. 43, Sched. C, s. 23 (1); 2004, c. 16, s. 1 (2). Investment level tax, labour sponsored investment fund corporation (3) A labour sponsored investment fund corporation that does not meet or maintain the level of eligible investments required by section 17 to be held by the corporation at the end of a particular calendar year or that does not comply with the investment restrictions and meet the requirements for eligible investments specified by section 18.1 shall pay to the Minister a tax for the year equal to the amount by which the greater of, (a) 15 per cent of the amount by which the amount of the corporation’s equity capital received on the issue of its Class A shares that is required by this Act to be maintained in eligible investments as of the end of the calendar year exceeds the total of all amounts, each of which is the cost to the corporation of an eligible investment held by the corporation at the end of the calendar year; and (b) the aggregate of, (i)  Repealed:  2001, c. 23, s. 18 (1). (i.1) 15 per cent of the amount by which “C” exceeds “D” where, “C” is the amount invested by the corporation during the calendar year in eligible businesses that are listed companies, and “D” is the limit on investments in listed companies that is imposed by subsection 18.1 (5), and (ii) 15 per cent of the amount by which the amount of the corporation’s equity capital received on the issue of Class A shares after May 6, 1996 that is required by subsection 18.1 to be invested at the end of the calendar year in eligible businesses that are small businesses exceeds the total of all amounts, each of which is a cost to the corporation of an eligible investment in an eligible business that is a small business held by the corporation at the end of the calendar year, exceeds, (c) the amount of any tax paid by the corporation under this subsection, other than an amount described in subclause 28 (3) (b) (i.1), in respect of any preceding year that has not been rebated to the corporation under subsection (4).  1996, c. 29, s. 14 (4); 1999, c. 9, s. 68 (2, 3); 2001, c. 23, s. 18 (1-3); 2004, c. 16, s. 1 (2). Same (3.1) The corporation shall pay the tax required by subsection (3) no later than the day on which it is required to give the Minister the certificate required by subsection 25.1 (1) or the information required by subsection 25.1 (2), whichever applies.  1999, c. 9, s. 68 (4); 2004, c. 16, s. 1 (2). Rebate (4) Upon receipt of an application from a labour sponsored investment fund corporation that has paid a tax under subsection (3) with respect to a calendar year, the Minister may rebate the tax without interest to the corporation if, (a) the application is received within three years after the end of the calendar year with respect to which the tax was imposed; and (b) the Minister is satisfied that the corporation is maintaining the level of eligible investments required by section 17 and is complying with the investment restrictions and meeting the requirements for eligible investments specified by section 18.1.  1996, c. 29, s. 14 (4); 1998, c. 34, s. 23; 1999, c. 9, s. 68 (5); 2004, c. 16, s. 1 (2). Definitions (5) In this section, “listed company” and “small business” have the same meaning as in subsection 18.1 (1).  2001, c. 23, s. 18 (4); 2004, c. 16, s. 1 (2). Section Amendments with date in force (d/m/y) 1996, c. 29, s. 14 (2, 4) - 31/12/1997; 1997, c. 43, Sched. C, s. 23 (1) - 7/05/1997; 1999, c. 9, s. 68 - 14/12/1999 2001, c. 23, s. 18
- 5/12/2001 2004, c. 16, s. 1 (2) - 1/01/2004 2011, c. 9, Sched. 7, s. 7 - 12/05/2011