Marginal note:Other individuals
156 (1) Subject to section 156.1, in respect of each taxation year every individual (other than one to whom section 155 applies for the year) shall pay to the Receiver General
(a) on or before March 15, June 15, September 15 and December 15 in the year, an amount equal to 1/4 of
(i) the amount estimated by the individual to be the tax payable under this Part by the individual for the year, or
(ii) the individual’s instalment base for the preceding taxation year, or
(b) on or before
(i) March 15 and June 15 in the year, an amount equal to 1/4 of the individual’s instalment base for the second preceding taxation year, and
(ii) September 15 and December 15 in the year, an amount equal to 1/2 of the amount, if any, by which
(A) the individual’s instalment base for the preceding taxation year
exceeds
(B) 1/2 of the individual’s instalment base for the second preceding taxation year.
Marginal note:Payment by mutual fund trusts
(2) Notwithstanding subsection 156(1), the amount payable by a mutual fund trust to the Receiver General on or before any day referred to in paragraph 156(1)(a) in a taxation year shall be deemed to be the amount, if any, by which
(a) the amount so payable otherwise determined under that subsection,
exceeds
(b) 1/4 of the trust’s capital gains refund (within the meaning assigned by section 132) for the year.
Definition of instalment base
(3) In this section, instalment base of an individual for a taxation year means the amount determined in prescribed manner to be the individual’s instalment base for the year.
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- R.S., 1985, c. 1 (5th Supp.), s. 156
- 1994, c. 7, Sch. II, s. 128, Sch. VIII, s. 92, c. 8, s. 23
- Date modified: