Section 204.83 — Income Tax Act: Refunds for federally registered LSVCCs

If a corporation is required, under subsections 204.82(3) and (4), to pay a tax and a penalty under this Part for a taxation year, it has no monthly deficiency throughout any period of 12 consecutive months (in this section referred to as the “second period”) that begins after the 12-month period in respect of which the tax became payable (in this section referred to as the “first period”) and it so requests in an application filed with the Minister in prescribed form, the Minister shall refund to it an amount equal to the total of the amount that was paid under subsection 204.82(3) and 80% of the amount that was paid under subsection 204.82(4) in respect of the first period on or before the later of the 30th day after receiving the application, and the 60th day after the end of the second period. Where the government of a province refunds, at any time, an amount to a corporation, the refund is of an amount that had been paid in satisfaction of a particular amount payable in a taxation year of the corporation, and tax was payable under subsection 204.82(5) or (6) by the corporation for a taxation year because the particular amount became payable, the corporation is deemed to have paid at that time an amount equal to the refund on account of its tax payable under this Part for the year.