Section 156 — Income Tax Act: Other individuals

Subject to section 156.1, in respect of each taxation year every individual (other than one to whom section 155 applies for the year) shall pay to the Receiver General on or before March 15, June 15, September 15 and December 15 in the year, an amount equal to 1/4 of the amount estimated by the individual to be the tax payable under this Part by the individual for the year, or the individual’s instalment base for the preceding taxation year, or on or before March 15 and June 15 in the year, an amount equal to 1/4 of the individual’s instalment base for the second preceding taxation year, and September 15 and December 15 in the year, an amount equal to 1/2 of the amount, if any, by which the individual’s instalment base for the preceding taxation year exceeds 1/2 of the individual’s instalment base for the second preceding taxation year. Notwithstanding subsection 156(1), the amount payable by a mutual fund trust to the Receiver General on or before any day referred to in paragraph 156(1)(a) in a taxation year shall be deemed to be the amount, if any, by which the amount so payable otherwise determined under that subsection, exceeds 1/4 of the trust’s capital gains refund (within the meaning assigned by section 132) for the year. In this section, instalment base of an individual for a taxation year means the amount determined in prescribed manner to be the individual’s instalment base for the year. Subsections (1) to (3) and section 156.1 do not apply to a SIFT trust.