114 (1) Despite subsection 112 (2), the Ontario Minister may assess, reassess or make additional assessments of tax, interest or penalties for a taxation year in respect of any issue that affects a taxpayer’s liability or potential liability under this Act and that can be reasonably regarded as relating to an assessment action carried out by a taxing authority in respect of the taxpayer, if the assessment is made by the Ontario Minister on or before the day that is the later of, (a) the latest day on which the assessment could, but for this section, be made under this Act; and (b) the day that is 365 days after the date of notification of the assessment action carried out by the taxing authority if a waiver has not been filed under subsection (2).  2007, c. 11, Sched. A, s. 114 (1). Waiver (2) A taxpayer may, (a) file a waiver with the Ontario Minister, in a form approved by the Ontario Minister, permitting the Ontario Minister to assess, make additional assessments or reassess under subsection (1) after the last day on which the Ontario Minister could otherwise assess, make additional assessments or reassess under that subsection; and (b) file with the Ontario Minister, in a form approved by the Ontario Minister, a revocation of a waiver previously filed under this subsection.  2007, c. 11, Sched. A, s. 114 (2). Time limit for assessment action after revocation of waiver (3) If a taxpayer has filed a revocation of a waiver under subsection (2), the Ontario Minister shall not issue a notice of assessment under subsection (1) later than one year after the day on which the taxpayer filed the revocation of the waiver.  2007, c. 11, Sched. A, s. 114 (3). Meaning of “assessment action” (4) For the purposes of subsection (1), an assessment action carried out by a taxing authority is one or more of the following actions carried out by the Federal Minister under the Federal Act or by the appropriate statutory authority under a statute of a province of Canada that imposes a tax similar to a tax imposed under this Act: 1. An assessment of tax, interest or penalties. 2. A determination or redetermination of a loss or any other written notice of a change in a loss. 3. A written notice that no tax is payable. 4. The confirmation of an assessment of tax, interest or penalties or of a determination or redetermination of a loss. 5. A determination of a taxpayer’s entitlement to a refund.  2007, c. 11, Sched. A, s. 114 (4). Date of notification of an assessment action (5) The date of notification of an assessment action carried out by a taxing authority is the day that is the later of, (a) the day when the Ontario Minister receives notification from the taxpayer of all issues that affect the taxpayer’s liability or potential liability under this Act that can reasonably be regarded as relating to the assessment action or, if the Ontario Minister does not receive notification from the taxpayer, the day when the Ontario Minister receives notification of the assessment action from the taxing authority; and (b) the 90th day after the day of mailing of a notice of the assessment action by the taxing authority to the taxpayer.  2007, c. 11, Sched. A, s. 114 (5). Transitional (6) The Ontario Minister may assess, reassess or make additional assessments of a corporation’s tax, interest or penalties under this Act for a particular taxation year if the assessment is made by the Ontario Minister on or before the day that is the later of, (a) the latest day on which the assessment may be made under section 112; and (b) the day that is, (i) the latest of all days each of which is the last day of a normal reassessment period for a taxation year ending in 2008, as determined under section 80 of the Corporations Tax Act, of the corporation or of a corporation that is a designated corporation with respect to it, or (ii) three years after the day determined under subclause (i), if the assessment would be one to which clause 80 (11) (b) of the Corporations Tax Act would have applied if the particular taxation year had ended before January 1, 2009.  2007, c. 11, Sched. A, s. 114 (6); 2008, c. 7, Sched. S, s. 31. Section Amendments with date in force (d/m/y) 2008, c. 7, Sched. S, s. 31 - 01/01/2008 Payments