Section 157.1 — Income Tax Act: Instalment deferral for January, February and March 2002 - definitions

The following definitions apply in this section. eligible corporation , for a particular taxation year, means a corporation that is resident in Canada throughout the particular taxation year;

and of which the taxable capital employed in Canada, within the meaning assigned by Part I.3, for its preceding taxation year did not exceed, if the corporation is not associated with any other corporation in the particular taxation year, $15 million, and if the corporation is associated with one or more other corporations in the particular taxation year, the amount by which $15 million exceeds the total of the taxable capital employed in Canada, within the meaning assigned by Part I.3, of those other corporations for their last taxation years that ended in the last calendar year that ended before the end of the particular taxation year. ( société admissible ) eligible instalment day of an eligible corporation means a day in January, February or March, 2002, on which an instalment on account of the corporation’s tax payable under this Part for the taxation year that includes that day would become payable if this Act were read without reference to this section; and if, in the case of a corporation that is not required by section 157 to make instalment payments on account of its tax payable under this Part for the taxation year, it were so required. ( jour admissible ) An eligible corporation’s balance-due day for a taxation year that ends after 2001 is deemed to be the later of the day that would otherwise be the corporation’s balance-due day for the taxation year, and the day that is six months after the corporation’s last eligible instalment day in the taxation year. An amount that would, because of paragraph 157(1)(a), otherwise become payable in respect of a taxation year by an eligible corporation on an eligible instalment day of the corporation does not become payable on that day but becomes payable if the particular day that is six months after the eligible instalment day is in the taxation year, on the particular day;

and in any other case, on the day that is deemed by subsection (2) to be the corporation’s balance-due day for the taxation year.