Tax wiki
s. 202
PART X — Taxes on Deferred Profit Sharing Plans and Revoked Plans
Returns and payment of estimated tax
Not yet annotated · Text current to 2026-06-21 · section last amended 2004-08-31
Current text
Within 90 days from the end of each year after 1965, a trustee of every trust governed by a deferred profit sharing plan or revoked plan 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 payable by the trust under this Part for the year;
estimate in the return the amount of any refund to which the trust is entitled under this Part for the year; and
pay to the Receiver General the unpaid balance of the trust’s tax for the year minus any refund to which it is entitled under this Part, or apply in the return for any amount owing to it.
Consideration of application for refund
(2)Where a trustee of a trust has made application for an amount owing to it pursuant to subsection 202(1), the Minister shall
consider the application;
determine the amount of any refund; and
send to the trustee a notice of refund and any amount owing to the trust, or a notice that no refund is payable.
Provisions applicable to Part
(3)Subsection 150(2), 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 and, for the purposes of the application of those provisions to this Part, a notice of refund under this section shall be deemed to be a notice of assessment.
Provisions applicable to refunds
(4)Subsections 164(3) to 164(4) are applicable, with such modifications as the circumstances require, to refunds of tax under subsection 198(4) or 198(5) or 199(2).
Interest
(5)In addition to the interest payable under subsection 161(1), where a taxpayer is required by section 198 to pay a tax and has failed to pay all or any part thereof on or before the day on or before which the tax was required to be paid, the taxpayer shall pay to the Receiver General interest at the prescribed rate on the amount that the taxpayer failed to pay computed from the day on or before which the amount was required to be paid to the day of payment or to the beginning of the period in respect of which the taxpayer is required by subsection 161(1) to pay interest thereon, whichever is earlier.
Deemed payment of tax
(6)For the purposes of subsections 161(1) and 202(5), where a trust is liable to pay tax under this Part on the acquisition by it of a non-qualified investment or on the use of its property as security for a loan, it shall, except to the extent that the tax has previously been paid, be deemed to have paid tax on the date on which the property is disposed ofor on which the loan ceases to be extant, as the case may be, in an amount equal to the refund referred to in subsection 198(4) in respect of that property or subsection 198(5) in respect of the loan, as the case may be.
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 202 links to the one before it.
Enacting and amending legislation
- 1970-71-72, c. 63, s. 1 “202”; 1977-78, c. 32, s. 44; 1980-81-82-83, c. 48, s. 115; 1984, c. 1, s. 96; 1985, c. 45, ss. 107, 126(F); 1986, c. 6, s. 105; 1990, c. 35, s. 30
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. 202.