92 (1) Where, (a) a notice of assessment is issued to a corporation under section 80 that states on the face thereof that the assessment or a designated part thereof has been made pursuant to this section (which assessment or part, as the case may be, is hereinafter referred to as the designated assessment); (b) a notice of assessment has been issued to the corporation under the Income Tax Act (Canada) based on provisions in that Act corresponding to the provisions in this Act on which the designated assessment was based; (c) the corporation has served a notice of objection to the assessment referred to in clause (b) in which the same issues have been raised as would have been raised in an objection to the designated assessment; and (d) the corporation has not served in accordance with section 84 a notice of objection to the designated assessment, this section applies to the designated assessment, and in any such case, sections 84 to 90 do not apply, but those sections do apply to the part, if any, of the assessment referred to in clause (a) that is not a designated assessment.  R.S.O. 1990, c. C.40, s. 92 (1); 2004, c. 16, s. 2 (2). Corporation and Minister bound (2) The corporation and the Minister shall, with respect to a designated assessment to which this section applies or a specified assessment that has met the conditions under clause (3) (b), be bound by, (a) the decision of the Minister of National Revenue for Canada from which no appeal is taken in accordance with the Income Tax Act (Canada); or (b) where an appeal is instituted, the final disposition of the appeal by the Tax Court of Canada or any court of competent jurisdiction; or (c) any minutes of settlement of the issues raised in the notice of objection to the assessment referred to in clause (1) (b) made between the corporation and the Minister of National Revenue for Canada at any stage of the proceedings following the service of that notice of objection.  R.S.O. 1990, c. C.40, s. 92 (2); 2002, c. 22, s. 55 (1); 2004, c. 16, s. 2 (2). Reassessment (2.1) If necessary, the Minister shall reassess the corporation in accordance with the decision referred to in clause (2) (a), the final disposition referred to in clause (2) (b) or the minutes of settlement referred to in clause (2) (c), as the case may be, and shall also change the tax payable by the corporation under Part II.1, III or IV to the extent that the change can reasonably be considered to relate to the reassessment.  2002, c. 22, s. 55 (2); 2004, c. 16, s. 2 (2). Application of ss. 84 to 90 (3) Sections 84 to 90 do not apply, (a) to a reassessment referred to in subsection (2.1) of tax payable under Part II; and (b) to a specified assessment if the corporation has served a notice of objection to the assessment or determination issued under the Income Tax Act (Canada), referred to in clause (5) (c), in which the same issues have been raised as would have been raised in an objection to the specified assessment.  R.S.O. 1990, c. C.40, s. 92 (3); 2002, c. 22, s. 55 (3); 2004, c. 16, s. 2 (2). Idem (4) A reassessment made by the Minister pursuant to subsection (2.1) is not invalid by reason only of not having been made within the time period described in clause 80 (11) (b) or (c).  R.S.O. 1990, c. C.40, s. 92 (4); 2002, c. 22, s. 55 (4); 2004, c. 16, s. 2 (2). Specified assessment, defined (5) For the purposes of this Part, an assessment in respect of a particular taxation year, or a part thereof, is a specified assessment if, (a) the assessment or the part thereof, as applicable, states on its face that it is a specified assessment under this section; (b) the assessment or the part thereof, as applicable, is an assessment or determination involving the application of section 5 in respect of the taxation year; and (c) a notice of assessment or determination has been issued to the corporation under the Income Tax Act
(Canada) involving the application of section 245 of that Act in respect of the same taxation year or transaction.  R.S.O. 1990, c. C.40, s. 92 (5); 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 2002, c. 22, s. 55 (1-4)
- 09/12/2002 2004, c. 16, s. 2 (2)
- 01/01/2004