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.
AMENDMENT RELATING TO EXCISE TAX ON RENEWABLE FUELS
Marginal note:R.S., c. E-15
Excise Tax Act
Marginal note:1993, c. 25, s. 56; 2003, c. 15, ss. 61(1) and 62(1)
(2) Subsection (1) comes into force, or is deemed to have come into force, on April 1, 2008.
AMENDMENTS RELATING TO INCOME TAX
Marginal note:R.S., c. 1 (5th Supp.)
Income Tax Act
(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.
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