Regulations to amend the Income Tax Regulations (deemed remittance)
1 The Income Tax Regulations are amended by adding the following after section 110:
Deemed Remittance
111 For the purpose of subsection 153(1.02) of the Act
(a) $25,000 is the amount prescribed for the purpose of the description of A in paragraph 153(1.02)(a) of the Act;
(b) 10%, or a lower percentage elected by the eligible employer, as defined in subsection 153(1.03), is the percentage prescribed for the purpose of the description of C in paragraph 153(1.02)(b) of the Act; and
(c) $1,375 is the amount prescribed for the purpose of the description of E in paragraph 153(1.02)(c) of the Act.
Application
2 These Regulations apply in respect of an eligible period, as defined in subsection 153(1.03) of the Income Tax Act.
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