Income Tax Act

Version of section 233.5 from 2004-08-31 to 2013-06-25:

Marginal note:Due diligence exception

 The information required in a return filed under section 233.2 or 233.4 does not include information that is not available, on the day on which the return is filed, to the person or partnership required to file the return where

  • (a) there is a reasonable disclosure in the return of the unavailability of the information;

  • (b) before that day, the person or partnership exercised due diligence in attempting to obtain the information;

  • (c) if

    • (i) the return is required to be filed under section 233.2, or

    • (ii) the return is required to be filed under section 233.4 by a person or partnership in respect of a corporation that is a controlled foreign affiliate, for the purpose of that section, of the person or partnership,

    it was reasonable to expect, at the time of each transaction, if any, entered into by the person or partnership after March 5, 1996 that gives rise to the requirement to file the return or that affects the information to be reported in the return, that sufficient information would be available to the person or partnership to comply with that section; and

  • (d) if the information subsequently becomes available to the person or partnership, it is filed with the Minister not more than 90 days after it becomes so available.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts. 1997, c. 25, s. 69.
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