Marginal note:1993, c. 27, s. 98(3)

• 5. (1) Subsection 237(3) of the Act is replaced by the following:

  • Marginal note:Minimum instalment base

    (3) For the purposes of subsection (1), if a registrant’s instalment base for a reporting period is less than $3,000, it is deemed to be nil.

• (2) Subsection (1) applies to reporting periods beginning after 2007.

Marginal note:1997, c. 10, s. 57(1)

• 6. (1) Subsection 248(1) of the Act is replaced by the following:

  Marginal note:Election for fiscal years

  • 248. (1) A registrant that is a charity on the first day of a fiscal year of the registrant or whose threshold amount for a fiscal year does not exceed $1,500,000 may make an election to have reporting periods that are fiscal years of the registrant, to take effect on the first day of that fiscal year.

• Marginal note:1997, c. 10, s. 57(2)

  (2) Paragraphs 248(2)(b) and (c) of the Act are replaced by the following:

  • (b) if the person is not a charity and the threshold amount of the person for the second or third fiscal quarter of the person in a fiscal year of the person exceeds $1,500,000, the beginning of the first fiscal quarter of the person for which the threshold amount exceeds that amount, and

  • (c) if the person is not a charity and the threshold amount of the person for a fiscal year of the person exceeds $1,500,000, the beginning of that fiscal year.

• (3) Subsections (1) and (2) apply to fiscal years beginning after 2007.

• 7. (1) Schedule VII to the Act is amended by adding the following after section 1.1:

  • 1.2 For the purposes of section 1, subsection 140(2) of the Customs Tariff does not apply in respect of the reference to heading 98.04.

• (2) Subsection (1) is deemed to have come into force on January 1, 1998.

Marginal note:1993, c. 25, s. 56; 2003, c. 15, ss. 61(1) and 62(1)

• 8. (1) Sections 23.4 and 23.5 of the Excise Tax Act are repealed.

• (2) Subsection (1) comes into force, or is deemed to have come into force, on April 1, 2008.

• 9. (1) Paragraph (a) of the description of B in subsection 12(10.2) of the Income Tax Act is replaced by the following:

  • (a) the total of all amounts each of which is

    • (i) deemed by subsection (10.4) or 104(5.1) or (14.1) to have been paid out of the taxpayer’s NISA Fund No. 2 before the particular time, or

    • (ii) deemed by subsection 70(5.4) or 73(5) to have been paid out of another person’s NISA Fund No. 2 on being transferred to the taxpayer’s NISA Fund No. 2 before the particular time,

• (2) Section 12 of the Act is amended by adding the following after subsection (10.3):

  • Marginal note:Acquisition of control — corporate NISA Fund No. 2

    (10.4) For the purpose of subsection (10.2), if at any time there is an acquisition of control of a corporation, the balance of the corporation’s NISA Fund No. 2, if any, at that time is deemed to be paid out to the corporation immediately before that time.

• (3) Subsections (1) and (2) apply to the balance in a NISA Fund No. 2 to the extent that that balance consists of contributions made to the fund, and amounts earned on those contributions, in the 2008 and subsequent taxation years.