Section 204.7 — Income Tax Act: Return and payment of tax

Within 90 days from the end of each taxation year commencing after 1980, a registered investment shall file with the Minister a return for the year under this Part in prescribed form and containing prescribed information, without notice or demand therefor; estimate in the return the amount of tax, if any, payable by it under this Part for the year; and pay to the Receiver General the amount of tax, if any, payable by it under this Part for the year. Where the trustee of a registered investment that is liable to pay tax under this Part does not remit to the Receiver General the amount of the tax within the time specified in subsection 204.7(1), the trustee is personally liable to pay on behalf of the registered investment the full amount of the tax and is entitled to recover from the registered investment any amount paid by the trustee as tax under this section. Subsections 150(2) and 150(3), sections 152 and 158, subsections 161(1) and 161(11), sections 162 to 167 and Division J of Part I are applicable to this Part with such modifications as the circumstances require.