Tax wiki
s. 157.1
PART I — Income Tax · DIVISION I — Returns, Assessments, Payment and Appeals · Payment of Tax
Instalment deferral for January, February and March 2002 - definitions
Not yet annotated · Text current to 2026-06-21 · section last amended 2004-08-31
Current text
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)
Deferred balance-due day
(2)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.
Deferred instalment day
(3)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.
Source: Justice Laws Website. Not an official version.
Historic text
This section has not been amended since the start of the point-in-time record on 31 August 2004.
Earlier versions: Justice Laws point-in-time versions of the Act (from 31 August 2004), and CanLII (under “Versions”). On Justice Laws, each version of section 157.1 links to the one before it.
Enacting and amending legislation
- 2002, c. 9, s. 42
Text before 2004 is found in the annual Statutes of Canada cited above. Application and coming-into-force provisions are not part of the consolidation; see the amending Acts.
Cross-references
Citation
Income Tax Act, R.S.C. 1985, c. 1 (5th Supp.), s. 157.1.